Twenty one of the world's biggest banks are building their own stablecoin

Twenty-one leading global banks including Goldman Sachs, Citi, and Bank of America are forming a consortium to launch a dollar-pegged stablecoin targeting interbank payments and digital asset settlement, aiming for a 2027 launch. This move follows regulatory clarity from the GENIUS Act and positions them against existing market players like Tether, Circle, and a competing 140-company coalition behind Open USD.

This Wire brief sits within Fusion42's coverage of Fintech.