Goldman Sachs, BofA and others plan to issue dollar stablecoin together in 2027
The group aims to expand into euro and other G7 currency tokens as banks race to challenge dominant stablecoin issuers.
- On Tuesday, a group of 21 financial institutions including Goldman Sachs, Citi and Deutsche Bank announced plans to launch a dollar-pegged stablecoin in the first half of 2027.
- The group will compete with Qivalis, a consortium of 37 institutions launching a euro-pegged stablecoin later this year, while Salvador-based Tether dominates with more than $180 billion in circulation.
- France's Societe Generale issued a dollar-backed stablecoin last year, while some institutions, including Spanish bank BBVA, maintain memberships in both the 21-member group and the Qivalis consortium.
- President Trump's support for the sector sparked interest in blockchain finance, though his own business, World Liberty Financial, has issued a token with just $12.5 million in circulation.
- European Central Bank President Christine Lagarde warned that privately issued stablecoins pose risks to financial stability, and there are currently few signs of widespread demand for bank-issued stablecoins.
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21 Major Banks Are Building a Stablecoin. The GENIUS Act Is Why.
A consortium of 21 global financial institutions, including Citi, Goldman Sachs, Bank of America, and UBS, is moving to issue its own stablecoins, with a USD-denominated token expected in the first half of 2027. This venture marks a shift from defensive posturing to an offensive play for the future of on-chain liquidity. The banks are […]
Key points of the news: Twenty-one financial institutions plan to create an issuer of stablecoins during the second half of 2026, bringing together some of the major banks and global asset managers. The initiative will initially launch a stablecoin called in US dollars during the first half of 2027, with a token linked to the euro as a result of the ... Read more
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