Goldman Sachs, Bank of America and 21 Other Institutions Jointly Plan to Launch USD Stablecoin by 2027
nashnova research
Twenty-one banks including Goldman Sachs and Citi plan to issue a dollar-pegged stablecoin by early 2027, but the only major bank that has tried so far attracted just $12.5 million in circulation — a fraction of Tether's $180 billion dominance.
What are 21 banks planning to do?
Goldman Sachs, Bank of America, Citi, and Deutsche Bank are among 21 financial institutions that plan to incorporate a joint venture this year and launch a dollar-pegged stablecoin by the first half of 2027.
The consortium had only 10 banks when first disclosed in October 2025. It has since doubled — a sign that big-bank consensus on the stablecoin opportunity is forming fast.
After the dollar coin, the group plans stablecoins pegged to other G7 currencies, with the euro as the top priority.
Who else is in the race?
A separate consortium of 37 financial institutions has already incorporated a company called Qivalis, aiming to launch a euro stablecoin later this year — two alliances betting on two currencies in parallel.
Spain's BBVA sits in both consortia, hedging across both. The Trump family's crypto venture World Liberty Financial has also issued its own stablecoin.
This means → stablecoins are no longer a crypto-native game. Traditional banks and political interests are entering simultaneously, shifting the contest from "who launches first" to "who gets actually used."
Who dominates today?
The stablecoin market is controlled by Tether, registered in El Salvador. Its dollar-pegged token has over $180 billion in circulation.
Tether's profit model is straightforward: it parks users' dollar deposits in U.S. Treasuries and similar assets, keeping the interest — billions of dollars a year.
In plain terms = Tether earns Treasury yields on other people's money; the bigger its float, the bigger its profit. That is exactly the prize the banks are after.
Will anyone actually use a bank-issued stablecoin?
Société Générale's digital-asset subsidiary became the first major bank to issue a dollar-backed stablecoin last year — yet the token's circulation sits at roughly $12.5 million, an extremely limited uptake.
This means → "issued by a big bank" does not equal "adopted by the market." $12.5 million versus Tether's $180 billion is a gap of more than ten thousand to one.
ECB President Lagarde has warned that privately issued stablecoins pose risks to monetary policy and financial stability. This reflects a fundamental unease among regulators with the entire sector — the bank consortium may face market indifference and regulatory tightening at the same time.
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