Banks Unite to Launch Dollar Stablecoin in 2027

A group of 21 major financial institutions is planning to launch a dollar-pegged stablecoin in the first half of 2027. The consortium includes Goldman Sachs, Bank of America, Citi, and Deutsche Bank, among others.

The plan was announced earlier this year with an initial group of 10 banks, but has since expanded to include more participants. In addition to a dollar-pegged stablecoin, the group also aims to issue stablecoins pegged to other G7 currencies, with the euro being a priority.

This move comes as part of a renewed interest in using blockchain technology in the mainstream financial system, driven by a rebound in cryptocurrency prices in 2024 and support from U.S. President Donald Trump's family crypto business, World Liberty Financial.