Goldman and BofA, along with other banks, will launch a dollar-pegged stablecoin in 2027

Goldman Sachs, Bank of America, Citi, and Deutsche Bank, along with several other financial institutions, will jointly issue a stablecoin pegged to the dollar. The launch is scheduled for the first half of 2027. Earlier, the British fintech company Revolut announced its own stablecoin pegged to the euro.

Goldman Sachs and 20 other banks will form a joint venture to issue a stablecoin, according to The Wall Street Journal. In North America, Bank of America, Citigroup, and Wells Fargo, among others, have also joined the initiative. In Europe, participants include Santander, Crédit Agricole, Deutsche Bank, and UBS. Also joining the project are Japan’s MUFG Bank, the Middle Eastern bank Sirius, and South Africa’s Standard Bank.

The project was initially announced in October 2025, when ten banks were participating, according to Reuters. The group now plans to first issue a dollar-pegged stablecoin and then expand the project to include other G7 currencies. The agency notes that the next priority will be to create a euro-pegged stablecoin.

The value of stablecoins is pegged to real (fiat) currencies. They allow users to transfer money using blockchain technology and are currently used primarily in cryptocurrency trading. However, the crypto market’s recovery in 2024 and U.S. President Donald Trump’s support for the industry have heightened traditional financial institutions’ interest in using the technology for payments and other transactions, Reuters explains.

The banks' project will face competition from another major consortium: 37 financial institutions have formed a company called Qivalis and plan to launch a euro-pegged stablecoin later this year, according to Reuters. BBVA and Rabobank are participating in both projects.

At the same time, the stablecoin market is still dominated by cryptocurrency companies: Tether remains the largest player, claiming to have issued more than $180 billion worth of dollar-pegged tokens, according to Reuters.

British fintech company Revolut announced in August the launch of its own stablecoin pegged to the euro. Initially, it will be available to eligible customers in Denmark, Poland, and Portugal. The creation of the company’s own stablecoin is part of Revolut’s broader strategy, which involves creating tokens pegged to other currencies as well.

So far, banks’ experiences have been less successful. Reuters notes that in 2025, France’s Société Générale became the first major bank to issue a dollar-pegged stablecoin through its digital assets division. However, the token has not gained widespread adoption: only $12.5 million is currently in circulation.

This article was AI-translated and verified by a human editor