Banks Bet Big on Blockchain: 21 Firms Plan Stablecoin Launch by 2027

A consortium of 21 banks and financial firms plans to create a new company in the second half of 2026 and launch a U.S. dollar-backed stablecoin in the first half of 2027.

The group includes Bank of America, Citi, Goldman Sachs, Wells Fargo, Deutsche Bank, UBS, and Fidelity Investments.

Stablecoins are increasingly becoming the bridge between traditional money and blockchain networks, allowing for easier cross-border payments and digital-asset settlement.

The banks want to issue their own stablecoins, not just offer custody or trading services. This marks a significant shift in strategy, as the original group had only 10 banks when the project was announced last October.