Goldman Sachs, BofA Among 21 Banks Planning Joint Dollar Stablecoin Launch
The bank-led consortium wants a U.S. dollar token live by the first half of 2027, with a euro version queued up next.
A consortium of 21 major banks, including Goldman Sachs and Bank of America, is advancing plans to jointly launch a U.S. dollar-backed stablecoin. According to Decrypt, the group is targeting a live product by the first half of 2027, with a euro-denominated version planned as a subsequent release. The initiative represents one of the most significant coordinated efforts by traditional financial institutions to enter the stablecoin market.
The move comes as regulatory clarity around digital assets continues to improve in the United States, with lawmakers actively working on stablecoin legislation that would establish formal oversight frameworks. Large banks have previously explored tokenized deposits and blockchain-based payment rails, but a jointly issued stablecoin would mark a more direct step into territory currently dominated by issuers such as Tether and Circle.
The potential entry of a multi-bank consortium could meaningfully shift competitive dynamics within the stablecoin sector. A dollar token backed by established financial institutions may appeal to institutional clients and corporate treasuries seeking regulated, counterparty-trusted alternatives to existing options. The combined balance sheet credibility and existing client relationships of 21 major banks could accelerate adoption across traditional finance channels.
Key developments to monitor include the formal structure of the consortium's governance, which banks assume primary issuance responsibilities, and how regulators respond as stablecoin legislation moves through Congress ahead of the projected 2027 launch window.
Source: Decrypt
