Goldman Sachs, BofA Among 21 Banks Planning Joint Dollar Stablecoin Launch

A group of 21 financial institutions including Goldman Sachs, Bank of America, Citi and Deutsche Bank plan to create a company in 2026 to issue a cryptocurrency pegged to the US dollar in the first half of 2027, they said on Tuesday (Sep 1). The group, which was first announced in October 2025 when just 10 banks were involved, said in a statement that it also aims to expand into stablecoins pegged to other G7 currencies, including the euro as a priority.

The 21 financial institutions announced Tuesday (local time) in a joint statement that they plan to establish a separate legal entity in the second half of this year to handle stablecoin issuance, with a dollar-linked stablecoin set to launch in the first half of next year. The name of the new entity will be disclosed at a later date.

The project traces its origins to a consortium launched by 10 banks in October last year. In just 10 months, the number of participating institutions has more than doubled to 21, expanding the alliance into a coalition spanning the world's major financial centers. Ten financial institutions from North America are involved, including Goldman Sachs, Bank of America and Citigroup. Eight European lenders have signed on, among them Deutsche Bank, UBS, Santander and BBVA. Japan's Mitsubishi UFJ Financial Group is the sole Asian participant, with one institution each from the Middle East and Africa also joining.

The consortium said it intends to comply with both the US stablecoin legislation known as the GENIUS Act and the EU's Markets in Crypto-Assets regulation, or MiCA. The alliance will initially target cross-border remittances and digital asset payment markets through its dollar stablecoin. Its scope extends beyond wholesale interbank settlements to include the retail market serving institutional investors and individual consumers. Starting with the dollar, the group plans to expand into other major currencies. The euro is the top priority, with the consortium also considering issuing stablecoins pegged to other G7 currencies down the line.

Stablecoins are used to move money around the world in the form of cryptocurrency, and are mostly used in crypto trading. But a rebound in crypto prices in 2024 and US President Donald Trump’s support for the sector sparked a revival of interest in the idea of using blockchain in the mainstream financial system. Stablecoins are virtual assets designed to maintain a fixed value relative to fiat currencies such as the dollar. Their relatively low price volatility makes them useful not only for crypto trading but also for remittances and payments, drawing growing interest from the financial sector.

Traditional financial firms are moving quickly into the stablecoin space more broadly. Kvalbis, a 37-institution alliance that includes Spain's BBVA, is set to launch a euro-pegged stablecoin before the end of this year. The group will compete with a separate consortium of 37 financial institutions that formed a company called Qivalis and said they plan to launch a euro-pegged stablecoin later in 2026. Some, including Spanish bank BBVA, are members of both groups.

In the United States, the competitive landscape has grown more complex as the family of President Donald Trump has entered the crypto business. Trump's family-linked crypto firm World Liberty Financial already issues its own stablecoin. Analysts