Major Wall Street Banks Form Consortium to Launch U.S. Dollar Stablecoin
A consortium of 21 major Wall Street banks, including Goldman Sachs, Bank of America, Citigroup, and Deutsche Bank, is planning to launch a stablecoin pegged to the U.S. dollar by mid-2027. The move marks a significant shift as traditional financial institutions enter an arena previously dominated by non-bank entities like Tether and Circle. The group initially started with 10 members in October 2025 but has since expanded, signaling growing interest from the banking sector to compete more effectively against crypto-native firms. The banks aim to eventually expand into other major currencies such as the euro. However, previous attempts by traditional banks—like Société Générale’s stablecoin with only $12.5 million in circulation—have seen limited adoption. The initiative is part of a broader effort among financial institutions to reclaim market share from tech and crypto companies that have been drawing payments activity away from traditional banking systems.
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