Twenty-one major financial institutions, including Goldman Sachs, Citigroup, and UBS, are forming a new company to issue a U.S. dollar stablecoin, with a target launch in the first half of 2027. The group also plans to expand into other G7 currencies, with a euro-denominated token among its early priorities.
The 21-bank consortium
The consortium brings together some of the world's largest banks in a coordinated push into digital currency. Goldman, Citi, and UBS are the only members named so far; the identities of the other 18 institutions have not been disclosed.
The new company has not been named publicly. Its structure, leadership, and regulatory approach remain unclear. What is known is that the entity will focus on issuing a stablecoin pegged to the U.S. dollar, a type of digital token designed to hold a steady value rather than fluctuate like Bitcoin or Ether.
Dollar first, euro next
The dollar stablecoin is scheduled to launch in the first half of 2027. After that, the group intends to introduce tokens for other G7 currencies, with the euro listed as a priority. That suggests a broader ambition to build a multi-currency stablecoin platform serving international payments and settlements.
The move comes as traditional banks increasingly explore ways to participate in the digital asset market, though the consortium has not detailed how its stablecoin will be backed, regulated, or distributed. Those details will likely emerge as the launch date approaches.
For now, the group is targeting the first half of 2027 for the dollar token's debut, with a euro token to follow.
