BofA, Citi, Goldman Among 21 Firms Planning Dollar Stablecoin by First Half of 2027

Bank of America, Citi and Goldman Sachs are among 21 global financial institutions jointly pursuing the launch of a US dollar-based stablecoin, Cointelegraph reported on September 1.

Deutsche Bank and UBS are also participating in the project. The firms plan to develop the shared dollar stablecoin and launch it in the first half of 2027.

Stablecoins are cryptocurrencies designed to track the value of specific assets such as the US dollar. The initiative would mark a joint effort by global financial institutions to build a dollar-based digital payment instrument.

Details such as the stablecoin's name, issuance structure and reserve asset management have not been disclosed.