Global Banks Unite to Launch Dollar Stablecoin by Mid-2027
A group of 21 global banks has announced plans to launch a dollar stablecoin by mid-2027. The coalition, which includes Goldman Sachs, Citi, Bank of America, and others, aims to create a company that will issue the stablecoin for use in payments and digital asset settlement.
The U.S. dollar-pegged token is expected to be launched in the first half of 2027, pending closing conditions. The group has chosen to operate on public blockchains, marking a departure from earlier bank strategies that relied on private, permissioned ledgers.
The stablecoin market currently stands at around $308 billion, and the banks are entering a market long dominated by crypto-native issuers Tether and Circle. By issuing stablecoins rather than tokenized deposits, these institutions aim to compete for liquidity outside the traditional banking system.