Goldman, BofA Back 21-Bank Dollar Stablecoin Plan

Goldman Sachs and Bank of America are among 21 financial institutions working on a joint U.S. dollar stablecoin, according to people familiar with the plan. The consortium is targeting a launch in the first half of 2027, with a euro version expected to follow if the project advances as planned.

The effort reflects a broader push by large banks to build tokenized payment rails that can move money faster and with lower settlement friction than legacy systems. A bank-issued stablecoin would likely be designed for regulated, wholesale use cases first, including interbank transfers, treasury operations and cross-border settlement.

The timing also matters. Traditional finance firms are moving more aggressively into digital asset infrastructure as regulators sharpen their focus on stablecoins and tokenized deposits. For banks, a consortium model could help spread compliance, technology and liquidity costs while creating a credible alternative to privately issued dollar tokens already dominant in crypto markets.

Still, the path to launch remains long. A first-half 2027 target leaves room for regulatory review, technical integration and governance negotiations among the participating institutions. The euro token, if developed, would add another layer of complexity given the different legal and monetary frameworks in the United States and Europe.

For crypto markets, the signal is clear: major banks are no longer treating stablecoins as a niche experiment. They are positioning them as core financial infrastructure, which could reshape competition in payments, custody and settlement over the next several years.