Big banks are making their move into stablecoins: 21 financial heavyweights—including Bank of America (BofA), Citi, and Goldman Sachs—are teaming up to launch a stablecoin pegged to the US dollar. The plan is to roll out a dollar-backed coin first, then expand the lineup to cover other G7 currencies. The next coin on deck? A euro-denominated stablecoin.

What’s Going On?

This group of 21 institutions, featuring BofA, Citi, and Goldman Sachs, is prepping a stablecoin launch. The first phase will bring a US dollar asset to market, with plans to follow up with stablecoins pegged to other G7 currencies, starting with the euro.

First the Dollar, Then the Euro

Kicking things off with a dollar stablecoin makes sense given the global demand for USD settlements. After the dollar launch, a euro-pegged stablecoin is next up, and the lineup could eventually include other G7 currencies as well.

Why This Matters for Crypto

With traditional banks jumping into stablecoins, we could see digital payments blend more seamlessly into mainstream finance—and corporate clients might finally trust these tools. For the market, it means a fresh fight for liquidity in payments and cross-border transfers, plus more ways stablecoins could be used in trading and finance.