Banking Giants Unite for Stablecoin Launch in 2027

21 major financial institutions, including Goldman Sachs, Bank of America, Citi, and Deutsche Bank, are planning to launch a U.S. dollar-denominated stablecoin in the first half of 2027.

The group aims to use the bank-backed stablecoin for blockchain payments, settlement, and cross-border transactions.

The institutions will form a new company to issue the stablecoin, which will initially be denominated in U.S. dollars, with plans to develop stablecoins linked to other G7 currencies, such as the euro, in the future.

This move marks a significant coordinated effort by major global financial institutions into the stablecoin market, putting established banks in direct competition with existing crypto-native issuers.