Goldman Sachs, Bank of America, Citi, and Deutsche Bank, along with a number of other credit institutions, will jointly undertake the issuance of a stablecoin whose exchange rate will be pegged to the US dollar. The launch is scheduled for the first half of 2027. Previously, the British fintech Revolut announced its own stablecoin pegged to the euro.
Details
Goldman Sachs and 20 other banks will create a joint company to issue a stablecoin, The Wall Street Journal reports. In North America, the initiative has also included, for example, Bank of America, Citigroup, and Wells Fargo. In Europe, this includes Santander, Crédit Agricole, Deutsche Bank, and UBS. The project also features Japanese MUFG Bank, the Middle East’s Sirius, and South Africa’s Standard Bank.
The project was first announced in October 2025, when it involved ten banks, Reuters reported. Now the group plans to first issue a dollar stablecoin and then expand the project to other G7 countries’ currencies. The next priority will be creating a stablecoin based on the euro, the agency notes.
Stablecoin prices are pegged to real (fiat) currencies. They enable money transfers using blockchain and are currently used primarily in cryptocurrency trading. However, the crypto market’s recovery in 2024 and the industry’s support by U.S. President Donald Trump have increased traditional financial institutions’ interest in using the technology for payments and other operations, Reuters explains.
Context
The banking project will face competition from another large consortium: 37 financial organizations have created the company Qivalis and plan to issue a euro-pegged stablecoin later this year, Reuters reports. BBVA and Rabobank are involved in both projects at once.
Meanwhile, the stablecoin market is still controlled by cryptocurrency companies: Tether remains the biggest player, claiming it has issued dollar-pegged tokens worth more than $180 billion, Reuters notes.
In August, British fintech Revolut announced the launch of its own euro-pegged stablecoin. Initially, it will be available to clients who meet the relevant criteria in Denmark, Poland, and Portugal. The company’s creation of its own stablecoin is part of Revolut’s broader strategy, which involves issuing tokens tied to other currencies as well.
Bank experience so far looks less successful. In 2025, French Société Générale became the first major bank to issue a dollar stablecoin via its digital assets unit, Reuters recalls. However, the tokens have not seen widespread use: only $12.5 million is in circulation.ㅤ