Market Flux Event
21 Major Banks Including Goldman Sachs, BofA and Citi Form Consortium to Launch Joint Dollar Stablecoin in 2027
A consortium of 21 global financial institutions, including Bank of America, Citigroup, Goldman Sachs, Deutsche Bank and UBS, has announced plans to launch a joint dollar-denominated stablecoin in the first half of 2027. The group will establish a separate company to operate the venture, which will initially target commercial clients and cross-border payments before potentially expanding into other G7 currencies. Use cases are expected to vary by region and could eventually include retail markets.
The consortium spans five continents. North American members include Bank of America, Capital One, Citigroup, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree. European institutions include Banco Santander, BBVA, Commerzbank, Credit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank and UBS. MUFG Bank represents East Asia, Sirius International Holding covers the Middle East, and Standard Bank brings in Africa.
JPMorgan is not part of the consortium. The Wall Street Journal reported the bank has separately evaluated launching its own stablecoin, though those discussions remain preliminary with no active product underway.
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Sources
- blockonomi.comEthena Targets Banking With a Surprising Stablecoin Push
- ReutersGoldman Sachs, BofA and others plan to issue dollar stablecoin together in 2027
- CointelegraphJUST IN: 21 global financial institutions, including Bank of America, Citi, Goldman Sachs, Deutsche Bank and UBS, plan to launch a joint USD stablecoin in H1 2027.
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- LivemintGoldman Sachs, BofA and others plan to issue dollar stablecoin together in 2027
- Faststocknewss21 BANKS FORM CONSORTIUM TO LAUNCH A STABLECOIN IN FIRST HALF OF 2027 Bank of America $BAC , Citigroup $C and Goldman Sachs $GS are among the firms setting up a company to support the venture, per WSJ. The token will focus on commercial clients and launch dollar-denominated before expanding to other G7 currencies, though use cases could vary by region and include retail markets. North America: Bank of America $BAC , Capital One $COF , Citigroup $C , Fidelity Investments, Goldman Sachs $GS , PNC $PNC , Scotiabank $BNS , TD Bank Group $TD , Wells Fargo $WFC , WisdomTree $WT Europe: Banco Santander $SAN , BBVA $BBVA , Commerzbank, Crédit Agricole, Deutsche Bank $DB , Lloyds $LYG , Rabobank, UBS $UBS East Asia: MUFG Bank $MUFG Middle East: Sirius International Holding Africa: Standard Bank JPMorgan $JPM has separately evaluated launching its own stablecoin, though those discussions have been preliminary with no active product underway, per WSJ.
- Wallstengine21 major financial firms are teaming up to launch a dollar-denominated stablecoin venture in H1 2027, initially targeting commercial clients and cross-border payments. The 21 firms: • Bank of America • Capital One • Citigroup • Fidelity Investments • Goldman Sachs • PNC Financial Services • Scotiabank • TD Bank Group • Wells Fargo • WisdomTree • Banco Santander • BBVA • Commerzbank • Crédit Agricole • Deutsche Bank • Lloyds Banking Group • Rabobank • UBS • MUFG Bank • Sirius International Holding • Standard Bank The group plans to establish a separate company to operate the venture, starting with a U.S. dollar stablecoin before potentially expanding into other G7 currencies. JPMorgan $JPM is not part of the consortium and has separately explored launching its own stablecoin.
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