21 Major Banks Team Up to Launch Dollar Stablecoin, Led by Goldman Sachs and Citi

Summary

A group of 21 major banks led by Goldman Sachs, Citi, and Bank of America plans to jointly establish a bank-owned entity to issue a stablecoin backed 1:1 by dollar reserves, targeting a token launch in the first half of 2027, with a euro version to follow. The entity is expected to be formed in the…

Key points

If the banking system issues its own coin, it will change stablecoin issuance, reserve management, and distribution logic, affecting all payment and settlement scenarios that rely on dollar tokens.
This is the first time traditional banks have entered stablecoin issuance head-on as a joint entity, potentially reshaping the competitive and regulatory landscape for dollar tokens.
For enterprises, bank-backed compliant dollar token options may emerge; for existing issuers, competition in distribution and reserve yield will heat up noticeably.

Stablecoin Infrastructure

Editorial note

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