A consortium of 21 global banks including Goldman Sachs, Bank of America, and Citigroup will form a new company to issue a U.S. dollar-backed stablecoin. The group expanded from an initial membership of 10 financial institutions.
The initiative targets a launch in the first half of 2027. The project focuses on commercial customers and cross-border payments to increase transaction speed.
This move shifts traditional banking into a market currently led by cryptocurrency firms. The banks aim to centralize their role in digital payments through shared infrastructure. The consortium is also evaluating future stablecoins pegged to other G7 currencies, including the euro.