Banks Launch Consortium to Issue Dollar-Backed Stablecoin by 2027
A consortium of 21 major banks and financial institutions plans to launch a U.S. dollar-backed stablecoin in the first half of 2027, aiming to control blockchain payment infrastructure traditionally seen as disruptive to traditional finance. The group includes prominent names like Goldman Sachs (GS), Wells Fargo (WFC), Bank of America (BAC), and Citi (C). The initiative seeks to prevent non-bank entities such as Tether (USDT-USD) from siphoning deposits out of the traditional financial system. By issuing their own stablecoin, banks aim to maintain control over digital money flows while expanding blockchain liquidity. The proposed token will be pegged 1-to-1 with the U.S. dollar and used for cross-border payments and asset settlement. The consortium also plans to expand into other G7 currencies starting with the euro.
Tickers: $BAC $C $DB $GS $UBS $WFC
Topics: banking consortium blockchain crypto adoption stablecoin Wall Street