Goldman, Citi, UBS Join 21-Firm Push for Dollar Stablecoin by 2027

Key Takeaways

• 21 firms, including Goldman Sachs and Citi, plan a U.S. dollar stablecoin for H1 2027.
• The move could challenge Tether and Circle in payments, settlement, and regulated digital cash.
• The group plans more G7 stablecoins next, with a euro token among its early priorities.

Global Banks Double Stablecoin Coalition to 21 Ahead of 2027 Launch

Some of the world’s largest banks and investment firms are moving closer to launching a jointly backed stablecoin, in one of the most ambitious efforts yet by traditional finance to compete in digital money.

Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Wells Fargo and Fidelity Investments are among 21 institutions that have committed to establish a new company in the second half of 2026, according to a joint announcement.

The venture, which has yet to be named, plans to introduce a U.S. dollar-denominated stablecoin in the first half of 2027. It also intends to add other G7 currencies over time, with a euro product listed as an early priority.

Banks Target Payments and Digital Asset Settlement

The planned stablecoin is designed for wholesale, institutional and retail markets. Potential uses include cross-border payments and settlement of digital assets. The group said the product will combine bank-level compliance, governance, distribution and risk controls with the speed and programmability associated with blockchain-based money.