A group of 21 financial institutions that includes Goldman Sachs, Bank of America, Citigroup and Deutsche Bank said on Tuesday they will establish a company this year to issue a cryptocurrency pegged to the U.S. dollar, with a target launch in the first half of 2027.
The coalition, which first came to public attention in October 2025 when it counted 10 banks, said it plans to extend its stablecoin program beyond the dollar. Expansion into stablecoins tied to other G7 currencies is an objective, with a euro-pegged token cited as a priority.
Stablecoins are cryptocurrencies designed to maintain a fixed value to a reference asset and are commonly used to move money in crypto form, chiefly for crypto trading. The group said it views bank-issued stablecoins as a route to bring blockchain-based payments and settlements into the mainstream financial system. The article noted a renewed interest in that idea after a rebound in crypto prices in 2024 and public support for the sector from U.S. President Donald Trump.
The planned issuance will not be without direct competition. A separate consortium of 37 financial institutions has already formed a company named Qivalis and announced plans to launch a euro-pegged stablecoin later this year. Some institutions, including Spanish bank BBVA, are reported to belong to both groups.
The reporting also highlights that World Liberty Financial - the crypto firm linked to President Trump’s family - has issued its own stablecoin.
Despite these initiatives, the text points out limited evidence of demand for bank-issued stablecoins to date. The current market for dollar-pegged tokens is dominated by Tether, a company based in El Salvador that reports issuing more than $180 billion of its dollar-linked token and generating billions in profits by investing reserves in assets that include U.S. Treasuries.
Market data embedded in the original report included tickers and intraday movements for a set of banks and tokens referenced in the coverage.
Separately, France’s Societe Generale - which is not part of either of the two consortiums described above - was the first major bank to issue a dollar-backed stablecoin through its digital asset subsidiary last year. That token has seen limited uptake, with only $12.5 million reported in circulation on the issuer’s website.
Regulatory concern is also on record: the European Central Bank President Christine Lagarde has cautioned that privately issued stablecoins can pose risks to monetary policy and financial stability.
Contextual note: The information above reflects the plans, market positions and regulatory commentary as described in the reporting. Where details were limited in the source material, this article reflects those limitations rather than extrapolating outcomes or timelines beyond what was stated.