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Goldman Sachs, BofA-led group plans dollar-pegged stablecoin in 2027
The consortium of 21 institutions aims to launch in the first half of 2027 and later extend to euro-pegged stablecoins.
A group of 21 financial institutions, including Goldman Sachs, Bank of America, Citi and Deutsche Bank, plans to create a company this year to issue a cryptocurrency pegged to the U.S. dollar in the first half of 2027, LiveMint Markets reported, citing a statement.
The consortium said it also intends to expand beyond a dollar-pegged token into stablecoins pegged to other G7 currencies, with the euro listed as a priority, LiveMint Markets reported.
LiveMint Markets noted that stablecoins are mainly used to move money through cryptocurrency channels, and that renewed interest in blockchain in mainstream finance has followed a rebound in crypto prices in 2024 and political support for the sector in the United States.
The plans put the group in competition with another consortium of 37 institutions, which formed a company called Qivalis and has said it will launch a euro-pegged stablecoin later this year. LiveMint Markets also cited warnings from European Central Bank President Christine Lagarde that privately issued stablecoins could pose risks for monetary policy and financial stability.