Goldman Sachs and Bank of America lead 21-bank stablecoin consortium

A consortium of 21 global financial institutions, including Goldman Sachs, Bank of America, Citi, and Deutsche Bank, plans to launch a US dollar-denominated stablecoin in the first half of 2027. The group intends to form a dedicated stablecoin company during the second half of 2026.

The venture aims to compete with established market leaders like Tether (USDT) and Circle (USDC). While the consortium benefits from existing institutional relationships and regulatory resources, industry experts note that success will depend on matching the liquidity, accessibility, and portability of current dominant tokens.

Following the initial dollar launch, the group plans to expand into stablecoins pegged to other G7 currencies, with a euro-denominated token identified as the primary priority. The project follows increased interest in blockchain technology within the mainstream financial system and competition from other banking groups and crypto-focused entities.