21 global banks and asset managers team up on joint stablecoin venture

A group of 21 major global banks, including Bank of America, Citi, Goldman Sachs, Deutsche Bank and UBS, committed to launching a joint stablecoin company targeting a USD-denominated stablecoin expected to go live in H1 2027. The group will focus first on a U.S. dollar stablecoin for payments and digital asset settlement, with a euro token a priority for expansion. The consortium marks a notable step by the traditional banking sector into issuing its own dollar-pegged token, a space currently dominated by crypto-native issuers.