Key Takeaways
- 21 firms, including Goldman Sachs and Citi, plan a U.S. dollar stablecoin for H1 2027.
- The move could challenge Tether and Circle in payments, settlement, and regulated digital cash.
- The group plans more G7 stablecoins next, with a euro token among its early priorities.
Global Banks Double Stablecoin Coalition to 21 Ahead of 2027 Launch
Some of the world’s largest banks and investment firms are moving closer to launching a jointly backed stablecoin, in one of the most ambitious efforts yet by traditional finance to compete in digital money.
Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Wells Fargo and Fidelity Investments are among 21 institutions that have committed to establish a new company in the second half of 2026, according to a joint announcement.
The venture, which has yet to be named, plans to introduce a U.S. dollar-denominated stablecoin in the first half of 2027. It also intends to add other G7 currencies over time, with a euro product listed as an early priority.
Banks Target Payments and Digital Asset Settlement
The planned stablecoin is designed for wholesale, institutional and retail markets. Potential uses include cross-border payments and settlement of digital assets. The group said the product will combine bank-level compliance, governance, distribution and risk controls with the speed and programmability associated with blockchain-based money.
The firms also intend for the stablecoin structure to comply with the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets (MiCA) framework where applicable.
The project builds on an initiative first disclosed in October 2025, when 10 banks said they were exploring a 1:1 reserve-backed form of digital money that could operate on public blockchains. Since then, the coalition has more than doubled in size.
Wall Street Stablecoin Effort Expands Globally
The North American participants include Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and Wisdomtree.
European members include Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank and UBS. MUFG Bank represents East Asia, while Sirius International Holding joins from the Middle East and Standard Bank from Africa.
The initiative marks a significant escalation in the financial sector’s stablecoin ambitions. Until recently, dollar-backed tokens were dominated by crypto-native issuers such as Tether and Circle.
Now, banks are increasingly exploring whether regulated digital cash can sit alongside deposits, payment networks and tokenized securities.
If the group meets its 2027 launch target, the project could become one of the first large-scale tests of whether a stablecoin backed by established global financial institutions can gain traction across both traditional and blockchain-based markets.
