Goldman Sachs, BofA and others plan to issue dollar stablecoin together in 2027

A consortium of 21 financial institutions, including Goldman Sachs, Bank of America, Citi, and Deutsche Bank, plans to collaborate in 2026 to launch a dollar-pegged stablecoin, according to a statement released on September 1. This group, which was initially announced in October 2025 with just 10 banks, aims to expand its offerings to include stablecoins tied to other G7 currencies, with the euro being their primary focus.

Stablecoins, which are digital currencies pegged to the value of traditional currencies like the dollar, are primarily used in international monetary transactions and have gained renewed attention due to the recent surge in cryptocurrency prices and support from US President Donald Trump. The new consortium will face competition from a separate group of 37 financial institutions, called Qivalis, which also plans to release a euro-pegged stablecoin later in 2026.

Some banks, such as Spanish bank BBVA, are members of both groups. Trump's family business, World Liberty Financial, has already issued its own stablecoin. However, the stablecoin market is dominated by Tether, a company based in El Salvador, which has issued more than $180 billion worth of its dollar-pegged token and generated billions of dollars in profits.

European Central Bank President Christine Lagarde has expressed concerns about privately issued stablecoins, warning that they could undermine monetary policy and financial stability. Despite these risks, the bank consortium sees potential in this new financial instrument and intends to launch their stablecoin in the first half of 2027.