- Goldman Sachs, Bank of America, Citi and 18 other firms plan a U.S. dollar stablecoin launch in the first half of 2027.
- The 21 financial institutions aim to use the bank-backed stablecoin for blockchain payments, settlement and cross-border transactions.
A group of 21 major financial institutions, including Goldman Sachs, Bank of America, Citi and Deutsche Bank, plans to establish a new company to issue a U.S. dollar-denominated stablecoin in the first half of 2027.
According to the announcement from the institutions on September 1, they intend to form a new stablecoin company during the second half of 2026, subject to closing conditions. The planned stablecoin will initially be denominated in U.S. dollars, with the group also looking to develop stablecoins linked to other Group of Seven, or G7, currencies. The euro is expected to be a priority for a future expansion.
21 Financial Institutions Join Stablecoin Initiative
The initiative was first announced in October 2025, when the group consisted of 10 banks. It has since expanded to 21 financial institutions as traditional financial firms increase their focus on blockchain-based payment and settlement systems.
Other institutions involved include UBS, Wells Fargo, Fidelity Investments, Santander, BBVA, Mitsubishi UFJ Financial Group, TD, Scotiabank, PNC, Capital One and other major financial firms.
The proposed stablecoin is intended to support payments and settlement using blockchain technology. The group is considering applications across commercial, institutional and, depending on the market, retail use. Cross-border payments and digital-asset transactions are among the potential uses being discussed.
Stablecoins are digital assets designed to maintain a stable value against an underlying asset, most commonly the U.S. dollar. The market is currently dominated by non-bank issuers, including Tether and Circle, whose USDT and USDC tokens account for most of the dollar stablecoin market.
At the time of writing, the total stablecoin market cap stands at $313 billion, with USDT accounting for $183.27 billion, while USDC stands at $73.75 billion.
Banks Enter a Growing Stablecoin Market
The banking consortium will also face competition from other financial-industry initiatives. A separate group of 37 financial institutions has established Qivalis, which is preparing to launch a regulated 1:1 euro-pegged stablecoin later in 2026. BBVA is involved in both initiatives.
The planned bank-backed stablecoin comes as financial institutions continue to explore blockchain technology for moving and settling money. Banks have also been examining tokenized deposits, which represent traditional bank deposits on blockchain networks.
The 21-firm group has not yet announced the name of the new company, the stablecoin’s ticker, its blockchain network or detailed reserve structure. The launch target is therefore a planned timetable rather than a currently available product.
If completed as planned, the initiative would mark a significant coordinated move by major global financial institutions into the stablecoin market, putting established banks in more direct competition with existing crypto-native issuers.
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