Goldman Sachs, BofA and others plan to issue dollar stablecoin together in 2027

Sept 1 : A group of 21 financial institutions including Goldman Sachs, Bank of America, Citi and Deutsche Bank plan to create a company this year to issue a cryptocurrency pegged to the dollar in the first half of 2027, they said on Tuesday.The group, which was first announced in October 2025 when just 10 banks were involved, said in a statement that it also aims to expand into stablecoins pegged to other G7 currencies, including the euro as a priority.Stablecoins are used to move money around the world in the form of cryptocurrency, and are mostly used in crypto trading. But a rebound in crypto prices in 2024 and U.S. President Donald Trump's support for the sector sparked a revival of interest in the idea of using blockchain in the mainstream financial system.The group will compete with