21 Banks Including Goldman Sachs and Citi Plan Dollar Stablecoin for 2027

Stablecoins are rapidly expanding beyond the crypto industry. 21 major banks, including Goldman Sachs, Citi, and Bank of America, are now collaborating to launch a dollar-backed stable token in 2027. These financial giants are also looking into assets pegged to G7 currencies, with the euro being the top priority. 

21 banks eye dollar-pegged stablecoin launch in 2027

According to a Reuters report, a large group of banks is working to introduce a new stablecoin pegged to the US dollar. While the group initially consisted of 10 banks in October 2025, it has now grown to 21 members. As part of this initiative, the banks will form a company this year, with the stablecoin planned to go live in the first half of 2027.

Leading players include Goldman Sachs, Bank of America, Citi, Capital One, PNC, and Wells Fargo. Other financial institutions like BBVA, Deutsche Bank, TD, Scotiabank, UBS, Santander, Lloyds, Commerzbank, Crédit Agricole, Rabobank and MUFG are also supporting the stablecoin project.

The official announcement reveals that the banks intend to offer a “safe, robust and trusted solution that combines bank‑grade compliance, strong governance, distribution and institutional risk management.” The banks also noted that the token will be used across wholesale, institutional, and retail markets. The main focus will be on cross-border payments and digital asset settlements.

It is worth noting that the banks’ focus expands beyond USD-backed stablecoins. They are also planning to launch other stable tokens pegged to other G7 currencies like the euro. With this move, they intend to bring more international currencies to the crypto market besides the dollar.

Banks take different paths into the digital market

Interestingly, the latest move from the banks is part of a broader stablecoin push. Many financial groups have already started their own crypto initiatives, with some focusing on dollar-backed tokens, while others prefer coins pegged to the euro.

The latest initiative will have direct competition from Qivalis, a separate consortium of 37 European banks. These institutions are developing a MiCA-compliant euro-denominated stablecoin, with the launch expected in the second half of 2026. While both are different projects, Spain’s BBVA is participating in both.

Another group of banks is exploring tokenized deposits as a way to enter the digital market. This move remains entirely different from a stablecoin launch as tokenized deposits represent existing bank deposits and are closely tied to traditional finance. In June 2026, major banks including JPMorgan, Bank of America, Citi, and Wells Fargo announced the launch of the Clearing House’s tokenized deposit network. It involves the integration of bank deposits into blockchain, thus safeguarding the $6.6 trillion in deposits that could potentially shift toward stable tokens.

Another major development is the Open USD, led by more than 140 industry leaders like Visa, Mastercard, Stripe, and Coinbase. The project is set to go live later this year, with the stablecoin offering zero-cost minting and redemption. Its reserve earnings will be shared with participating partners. Open USD has a shared stablecoin infrastructure, rather than being controlled by a single entity.