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Global Banking Consortium to Launch Dollar-Pegged Stablecoin Next Year
Finance · Major Banks · yonhap_finance · 2026-09-01
A consortium of 21 global banks, including Goldman Sachs and BofA, plans to issue a dollar-pegged stablecoin by the first half of next year to target cross-border payments.
What Happened
Consortium Launch Plans: A group of 21 major global financial institutions, including Goldman Sachs, Bank of America, and Deutsche Bank, has announced plans to jointly issue a dollar-pegged stablecoin. The consortium intends to establish a dedicated issuing entity in the second half of this year, aiming for a market launch in the first half of 2025.
Global Expansion: The initiative has grown rapidly, doubling its membership from 10 banks to 21 in just ten months. The coalition now spans North America, Europe, Asia, and the Middle East, with Japan's MUFG serving as a key participant from the Asian market.
Regulatory Compliance and Strategy: The consortium aims to operate in full compliance with major regulatory frameworks, such as the U.S. 'Genius Act' and the EU's MiCA. Their strategy focuses on facilitating cross-border and digital asset settlements for wholesale, institutional, and retail clients, with future plans to expand into other G7 currencies.
Market Outlook and Challenges: While the entry of major banks signals increased competition in a market currently dominated by Tether, the sector faces hurdles regarding adoption and regulatory scrutiny. Central bankers, including ECB President Christine Lagarde, have previously warned that private stablecoins could pose risks to monetary policy and financial stability.