Goldman Sachs, Citi, BofA Among 21 Global Firms to Launch USD Stablecoin in H1 2027
Highlights
- Goldman Sachs, Citi, Bank of America and 18 other global financial firms to launch stablecoin in 2027.
- A new joint venture will issue a USD stablecoin first and followed by other G7 currencies such as EUR.
- Banks aims to compete with crypto-native stablecoin issuers such as Circle and Tether.
Goldman Sachs, Citi, Bank of America and 18 other global financial institutions plan to establish a new company in the second half of 2026 to issue a USD stablecoin, targeting a launch in the first half of 2027.
21 Global Financial Institutions to Launch USD Stablecoin in 2027
According to an official announcement, leading international financial institutions committed to establishing a new company to jointly issue a stablecoin. The new company will operate globally, initially focusing on a USD stablecoin and followed by other G7 currencies such as EUR.
The unnamed bank venture grew from 10 firms announced in October last year to 21 major financial institutions across North America, Europe, East Asia, the Middle East and Africa.
The stablecoin consortium includes Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree in North America.
In Europe, the group includes Banco Santander, BBVA, Commerzbank, Credit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank, and UBS. Also, MUFG Bank in East Asia, Sirius International Holding in the Middle East, and Standard Bank in Africa.
The group plans a 1:1 reserve-backed stablecoin or token on public blockchains for wholesale, institutional, and retail use, including cross-border payments and digital asset settlements.
Banks to Compete with Crypto Native Firms
With the GENIUS Act and the EU’s MiCA compliance in effect, banks and other financial institutions are launching their own stablecoins. SoFi, Bank of America, Standard Chartered, PayPal, and Revolut are among some planning separate stablecoin initiatives.
As CoinGape reported earlier, Circle faces pressure amid concerns over intensifying competition as JPMorgan plans to issue a stablecoin.
The latest project by 21 financial institutions will also compete with existing USD stablecoins used mainly in crypto trading, as banks seek a regulated alternative for payments and settlement.
It will rival a separate 37-institution consortium, Qivalis, that plans a euro-pegged stablecoin later in 2026. Meanwhile, BlackRock, Coinbase, Ripple, Mastercard, and a dozen financial firms are teaming up to launch the Open Standard’s OUSD stablecoin.
Firms looking to launch or integrate digital currencies must carefully select best stablecoin infrastructure platforms to manage compliance and smart contract routing.
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