21 major banks including Goldman Sachs BofA plan to launch USD stablecoin in 2027

Twenty-one financial institutions including Goldman Sachs, Bank of America and Citi, have announced that they will form a shared company to issue a dollar-backed stablecoin, with a market launch targeted for the first half of 2027.

The venture will start with a single US-dollar stablecoin, according to a press release from PR Newswire and published by BBVA, one of the participants. The group of financial institutions wants to issue coins in additional G7 currencies over time and has named a stablecoin euro version as its next priority after the dollar stablecoin.

The new company still remains unnamed and is expected to be formed officially in the second half of 2026. The stablecoin is meant for wholesale, institutional and retail users, with cross-border payments and digital-asset trade settlement seen as early use cases.

The launch of a bank-backed stablecoin is a new development, as it places the coin into a market so far dominated by non-bank issuers.

Ten banks in October, Twenty-one now

This is an expansion of an effort that went public last October, when ten global systemically important banks (G-SIBs, the lenders regulators treat as too big to fail) said they were studying a 1:1 reserve-backed token that would live on public blockchains. Eight of those original ten are still in: Banco Santander, Bank of America, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank, TD Bank and UBS.

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