21 Financial Giants Form Alliance to Launch Dollar-Pegged Stablecoin by 2027

A coalition of 21 major financial institutions, including Goldman Sachs, Citi, UBS, and Deutsche Bank, plans to launch a dollar-pegged stablecoin by 2027. The alliance aims to challenge the dominance of Tether and Circle by targeting cross-border payments and digital asset settlement. JPMorgan is notably absent from the group. Analysts remain skeptical about the alliance's ability to capture market share from crypto-native incumbents, citing the poor performance of previous bank-issued stablecoins like Societe Generale's USDCV.