21 Banks to Launch Dollar-Pegged Stablecoin by 2027

A coalition of 21 major financial institutions, including Bank of America, Citi, Goldman Sachs, Santander, and BBVA, plans to launch a dollar-pegged stablecoin in the first half of 2027. This initiative aims to comply with U.S. GENIUS and European MiCA regulations, signaling a strategic move into programmable money. The announcement coincides with G20 discussions on establishing clear regulatory frameworks for global stablecoins. The move challenges the dominance of Tether's USDT and Circle's USDC, as banks seek to capture interest income from Treasury rese