21 Major Banks Plan Stablecoin Venture With Dollar Token Launch in 2027

A group of 21 institutions including BofA, Citi, and Goldman Sachs plans to launch a USD stablecoin in H1 2027, with euro and other G7 currency tokens to follow.

Stablecoin & Institutional Crypto News

Twenty-one financial institutions, including Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Santander, Wells Fargo, MUFG Bank, Fidelity Investments, and Standard Bank, announced on Sept. 1 that they plan to form a company to issue stablecoins for payments and digital asset settlement.

The company has not yet been named and is

to be established in the second half of 2026, subject to closing conditions.

The group's first product will be a US dollar-denominated

, which it plans to bring to market in the first half of 2027. It has identified a euro-denominated token as its next priority, with plans to eventually expand into stablecoins tied to other Group of Seven (G7) currencies. The consortium said its products will target wholesale, institutional, and retail use cases, including cross-border payments and digital asset settlement.

From 10 Banks to 21 Across 5 Regions

The initiative grew from a smaller project announced in October 2025, when 10 banks said they were exploring a reserve-backed digital payment