Banks Just Hijacked Crypto’s Original Promise: The Revolution Against Wall Street Is Now Owned by Wall Street

The institutions that crypto was built to destroy are now racing to control its most important financial primitive. What happens to the rebellion when the banks become the infrastructure?

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Crypto was built around removing financial middlemen. Nearly two decades later, some of the world’s biggest financial institutions are preparing to become the middlemen on blockchain. A consortium of 21 banks and financial firms plans to create a new company in the second half of 2026 and launch a U.S. dollar-backed stablecoin in the first half of 2027. 

The group includes Bank of America (NYSE:BAC | BAC Price Prediction), Citi (NYSE:C), Goldman Sachs (NYSE:GS), Wells Fargo (NYSE:WFC), Deutsche Bank (NYSE:DB), UBS (NYSE:UBS), and Fidelity Investments. The irony is hard to miss. The institutions crypto was designed to bypass are now building its payment rails.

Wall Street Is No Longer Watching Crypto

The consortium’s announcement, published by Wells Fargo on Sept. 1, represents a major change in strategy. The original group contained 10 banks when the project was announced last October. It has now more than doubled to 21 institutions spanning North America, Europe, Asia, the Middle East, and Africa.