21 Global Banks Unite to Launch USD Stablecoin in H1 2027
A consortium of 21 global financial institutions, including Goldman Sachs, Citi, and Bank of America, plan to launch a USD stablecoin in the first half of 2027. The new company, which will operate globally, will issue a 1:1 reserve-backed stablecoin or token on public blockchains for wholesale, institutional, and retail use.
The consortium grew from 10 firms announced last year to include major financial institutions across North America, Europe, East Asia, the Middle East, and Africa. The group plans to initially focus on a USD stablecoin, followed by other G7 currencies such as EUR.
This move will compete with existing USD stablecoins used mainly in crypto trading, as well as rivaling separate initiatives from firms like JPMorgan and Circle. With the GENIUS Act and EU's MiCA compliance in effect, banks are launching their own stablecoins to provide a regulated alternative for payments and settlement.
The launch of this new stablecoin consortium is significant, given the growing trend of financial institutions entering the digital currency market.