A group of 21 financial institutions announced on Tuesday that they plan to create a company to issue a cryptocurrency pegged to the U.S. dollar in the first half of 2027. ^[1] On Sept. 1, 21 major financial institutions, including Bank of America, Citi, Goldman Sachs and Wells Fargo, committed to build a US dollar-denominated stablecoin, with plans to establish a company in the second half of 2026 and launch the token in the first half of 2027. ^[2] The consortium was first announced in October 2025 when it consisted of just 10 banks, indicating a recent expansion to 21 members. ^[3] The group stated in a statement that it aims to expand into stablecoins pegged to other G7 currencies, including the euro as a priority. ^[4] Citi's 2030 research projects a base case of $1.9 trillion in stablecoin issuance and a bull case of $4 trillion, implying roughly $1.6 trillion to $3.7 trillion of additional issuance from today's level. ^[5] Standard Chartered estimated in January that stablecoins could pull about $500 billion from US bank deposits by the end of 2028. ^[6] The venture started as a 10-bank exploration into reserve-backed digital money in October 2025 and has since grown to 21 institutions spanning North America, Europe, Asia, Africa, and the Middle East. ^[7] The new consortium will compete with a separate group of 37 financial institutions that formed a company called Qivalis to launch a euro-pegged stablecoin later in the year. ^[8]