21 major banks and financial firms plan a US dollar stablecoin for 2027

A group of 21 global banks and financial companies is preparing to launch a US dollar-pegged stablecoin, with the first token planned for the first half of 2027. For PSPs and high-risk merchants, the interesting part is not the branding exercise; it is that the project is explicitly being positioned for cross-border payments, digital asset settlement, and both institutional and retail use.

1. The consortium includes Goldman Sachs, Bank of America, Citi, Deutsche Bank, UBS, Wells Fargo, Capital One, Fidelity Investments, PNC Financial Services, Scotiabank, TD Bank Group, WisdomTree, Santander, BBVA, Commerzbank, Crédit Agricole, Lloyds Banking Group, Rabobank, MUFG Bank, Sirius International Holding, and Standard Bank.
2. The participants plan to create a separate company to run the project. That entity is expected to be set up in the second half of 2026, once the conditions needed to close the deal have been met. The name of the new structure has not been disclosed.
3. The first product will be a stablecoin pegged to the US dollar, with launch targeted for the first half of 2027. After that, the group plans to issue digital tokens linked to other G7 currencies, with the euro next in line.
4. The planned use cases are cross-border payments, settlement of digital assets, and distribution across institutional, wholesale, and retail markets. In other words, this is not being framed as a narrow treasury tool for banks alone.
5. The group says it intends to structure the project to comply with the US GENIUS Act and with the EU’s MiCA regime in jurisdictions where those rules apply. Technical details have not been disclosed yet: the blockchain network, reserve structure, and redemption mechanism are all still unpublished.

Goldman Sachs had previously explored issuing a stablecoin with partners, but in 2022 said it had no plans to launch one in the near term. The new consortium changes the question for payment firms from “will banks do this?” to “which corridors, settlement flows, and compliance expectations get reshaped if they actually do.”