Banks Team Up for Dollar Stablecoin Launch Amid Crypto Revival

A group of 21 financial institutions, including Goldman Sachs and Deutsche Bank, is collaborating to launch a dollar-pegged stablecoin by early 2027.

The consortium started with just 10 banks in 2025 and is forming a new company this year to make the stablecoin a reality.

They're not stopping at the US dollar, as they also plan to introduce euro and other G-7 currency stablecoins.

This move comes amid renewed interest in crypto and blockchain technology, but it faces competition from another consortium launching a euro-pegged coin soon and Tether, the current market leader.