21 Banks Team Up to Launch U.S. Dollar Stablecoin by 2027

Twenty‑one of the world’s largest banks and investment firms announced a joint effort to create a new company that will issue a U.S. dollar‑denominated stablecoin in the first half of 2027. The consortium includes U.S. banks such as Goldman Sachs, Citi, Bank of America and Wells Fargo, European banks such as UBS, Deutsche Bank and Banco Santander, and regional participants from Asia, the Middle East and Africa.

Launch timeline and scope

The venture, which is still unnamed, aims to bring the dollar‑stablecoin to wholesale, institutional and retail markets by mid‑2027. After the initial launch, the group intends to expand the offering to other G7 currencies, with a euro‑denominated token identified as an early priority.

Regulatory alignment

The stablecoin will be structured to meet the U.S. GENIUS Act requirements and, where applicable, the European Union’s MiCA framework. The consortium emphasizes bank‑level compliance, governance, distribution and risk controls while leveraging blockchain speed and programmability.

Potential use cases

Targeted applications include cross‑border payments and settlement of digital assets. By combining traditional banking infrastructure with blockchain technology, the issuers hope to compete with existing crypto‑native stablecoins such as Tether and Circle.

Growth of the coalition

The initiative builds on an earlier October 2025 disclosure when ten banks explored a 1:1 reserve‑backed digital token on public blockchains. Since then, the coalition has more than doubled in size, adding participants from North America, Europe, East Asia, the Middle East and Africa.