Goldman Sachs, Citi and Bank of America are among 21 global financial firms planning to launch a US dollar-pegged stablecoin in the first half of 2027. In order to jointly issue the stablecoin, the institutions want to form a new corporation in the second half of 2026. According to the organization, stablecoins connected to other G7 currencies, such as the euro, will be planned later.
The token will first be linked to the US dollar. Cross-border payments and digital asset settlement are two of the project’s primary uses, which are anticipated to benefit wholesale, institutional, and retail customers.
The effort is a significant step toward traditional financial institutions being more involved with stablecoins. Since the project’s first announcement in October 2025, the consortium has grown considerably from the ten participating businesses. There are presently financial institutions from the Middle East, Africa, Europe, East Asia and North America.
LATEST: 🏦 Goldman Sachs, Bank of America, Citi, Wells Fargo, and 17 other major banks aim to launch a joint USD stablecoin by H1 2027, with a euro expansion to follow. pic.twitter.com/nKoO0bhoBt
— CoinMarketCap (@CoinMarketCap) September 2, 2026
North American institutions include Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree. Banco Santander, BBVA, Commerzbank, Credit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank and UBS are from Europe. East Asia is represented by MUFG Bank, the Middle East by Sirius International Holding. Africa is represented by Standard Bank.
One-to-one reserve backing is anticipated for the proposed stablecoin. It will be made to function on public blockchains, providing financial institutions with a another means of transferring funds and settling digital assets. The overall goal is to integrate the well-established infrastructure of international banks with the speed and programmability of blockchain-based payments.
Developments in regulations are fostering an atmosphere that is conducive to these kinds of initiatives. While the European Union’s Markets in Crypto-Assets, or MiCA, legislation offers guidelines for crypto-asset markets, the US has a legal framework for payment stablecoins thanks to the GENIUS Act. According to the banking consortium, the initiative would adhere to all applicable regulations.
The proposed business would join a stablecoin industry that is currently dominated by powerful companies. While Circle’s USDC is extensively utilized in banking and cryptocurrency applications, Tether continues to be the biggest issuer of dollar-pegged stablecoins. However, rather than only using stablecoins as tools for cryptocurrency trading, banks are increasingly viewing them as infrastructure for payments and settlement.
Source: reuters.com
The 21-firm project is a component of a larger competition among financial organizations to create digital currencies. Qivalis, a different consortium of 37 financial organizations, intends to introduce a stablecoin that is tied to the euro. Additionally, a number of banks are investigating their own stablecoin initiatives.
The possibility for the cooperating institutions goes beyond just creating a new digital token. A bank-backed stablecoin may facilitate 24-hour settlement, speed up international payments, and improve the efficiency of transactions using tokenized assets.
The first US dollar stablecoin is scheduled to launch in the first half of 2027, and the new corporation is anticipated to be founded in the second half of 2026. Information on distribution plans, blockchain networks, and the ultimate reserve structure has not yet been made public.
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