Goldman Sachs, Bank of America, Citigroup, Wells Fargo, UBS, Deutsche Bank, Mitsubishi UFJ, and others—21 global systemically important financial institutions have joined forces. By the first half of 2027, they plan to launch a USD stablecoin. The people who once looked down on stablecoins the most are now personally jumping in to grab market share.

According to Reuters and the WSJ, the alliance formally announced on September 1 that this year’s second half will see the formation of a new company. A USD stablecoin will go live in the first half of 2027, and afterward they also plan to issue an euro version. As early as October 2025, only 10 banks were involved; within a year, that number more than doubled. On the compliance front, it directly mirrors the U.S. GENIUS Act and Europe’s MiCA—making it clear they intend to build a "licensed stablecoin".

The current situation is: Tether’s circulating supply is $183 billion, and Circle’s USDC is $73.5 billion—both of them have taken up the vast majority of the market. The WSJ reveals that inside banks, people have already shifted to a defensive posture. What executives are truly afraid of is that stablecoins will drain deposits and payment business. Instead of being robbed, they’d rather issue stablecoins themselves.

My view: this is a good thing for the crypto market, not a bad one. When banks step in, it’s like an official seal of approval on the “stablecoin” track—maxing out the track’s legitimacy. Retail investors don’t need to panic; bank-issued coins will likely first serve institutions and cross-border settlements, and USDT’s position probably can’t be shaken in the short term. What’s really worth watching is the next layer: for a bank stablecoin to run on a public chain means it’s essentially sending settlement volume to public chains like Ethereum and Solana. The long-term winners of the on-chain ecosystem may not be the banks that issue tokens. This is not investment advice.#加密市场总市值重回3万亿美元 #140亿美元比特币期权周五到期

Do you think after banks launch stablecoins, the first to be hit is USDT, or the banks’ own deposits? Let’s discuss in the comments.