A consortium of 21 major global banks, including Goldman Sachs, Bank of America, and Citigroup, has committed to forming a company to issue a USD stablecoin, targeting a launch in the first half of 2027. The stablecoin will initially be used for cross-border payments and digital asset settlement, according to a report from Decrypt. The consortium has more than doubled its membership from the initial 10 banks announced in October 2025, and now includes institutions from North America, Europe, East Asia, the Middle East, and Africa. Unlike central bank digital currencies (CBDCs), this token is a private commercial liability backed by bank reserves, not involving the Federal Reserve's balance sheet. The group also plans to launch a euro-denominated version later.
Twenty-one big global banks — among them Goldman Sachs, Bank of America, and Citigroup — have agreed to set up a company that will issue a USD stablecoin, with a launch aimed at the first half of 2027. At the start, the stablecoin is meant for cross-border payments and digital asset settlement, according to a report from Decrypt.
The consortium is now more than twice as large as the original 10 banks revealed in October 2025, and it now spans institutions in North America, Europe, East Asia, the Middle East, and Africa. That jump shows a clear rise in institutional appetite for stablecoins as a link between traditional finance and digital assets.
This token is not a central bank digital currency, or CBDC. It is a private commercial liability backed by bank reserves. And it does not touch the Federal Reserve's balance sheet, which makes the private-sector angle pretty plain. The group also intends to roll out a euro-denominated version later, pushing the project beyond the US dollar.
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