21 Major Global Banks Form Consortium to Launch U.S. Dollar Stablecoin in 2027

A consortium of 21 major financial institutions—including Goldman Sachs, Bank of America, Citigroup, Deutsche Bank, UBS, and Wells Fargo—plans to establish a joint venture to issue a U.S. dollar-pegged stablecoin, targeting a market launch in the first half of 2027.
Key details of the banking alliance include:
Scaling Coalition: Expanding from an initial group of 10 banks announced in October 2025, the alliance now spans 21 global institutions across multiple regions. Beyond the U.S. dollar, the venture plans to issue tokens for other G7 currencies, prioritizing the euro.
Strategic Focus: The initiative targets wholesale, institutional, and retail markets, aiming to capture cross-border payments and digital asset settlement volume currently dominated by non-bank issuers.
Competitive Landscape: The bank-backed project will face entrenched market leaders like Tether and Circle, which control the vast majority of global stablecoin supply, alongside competing bank initiatives like the euro-focused Qivalis consortium.