Global Banking Giants Unite to Launch Dollar Stablecoin by 2027

The consortium, which expanded from an initial group of 10 banks in October 2025, intends to prioritize dollar-denominated tokens before broadening its scope to include other G7 currencies, with the euro identified as the next key expansion target. This initiative arrives as crypto markets rebound and political support in the United States fosters renewed institutional interest in digital assets.

Market competition is already intensifying, as a separate 37-member consortium operating under the name Qivalis prepares to launch a euro-pegged stablecoin later this year. Despite the high-profile backing, the sector faces significant hurdles. Current market leader Tether maintains a dominant position with over $180 billion in circulation, while institutional adoption remains tepid. For instance, Societe Generale’s dollar-backed stablecoin, launched last year, has struggled to gain traction with only $12.5 million in active circulation. Meanwhile, European Central Bank President Christine Lagarde has cautioned that private stablecoin issuance could threaten monetary policy and broader financial stability.