A group of twenty-one financial organisations, including Deutsche Bank, Goldman Sachs, Bank of America, and Citi, announced on Tuesday that they would establish a firm this year to launch a dollar-pegged cryptocurrency in the first half of 2027.
In a statement, the organization, which was first launched in October 2025 with just ten banks participating, stated that it also intends to grow into stablecoins tied to other G7 currencies, with the euro being a top priority.
Stablecoins are mostly utilised in cryptocurrency trading and are used to transfer money globally. However, the idea of integrating blockchain technology into the mainstream banking system saw a resurgence in 2024 because to a rise in cryptocurrency prices and US President Donald Trump’s backing of the industry.
The organization will face competition from a different group of 37 financial institutions that established a business named Qivalis and announced plans to introduce a stablecoin that is tethered to the euro later this year. Some belong to both groups, such as the Spanish bank BBVA. World Liberty Financial, the cryptocurrency company owned by President Trump’s family, has also released a stablecoin of its own.
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