21 Wall Street bankası çarpıcı bir ABD doları hamlesi yaptı

21 Wall Street banks make a dramatic U.S. dollar move

Wed, September 2, 2026 at 2:50 AM GMT+3 2 min read

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For years, the world's largest banks watched stablecoins from the sidelines, treating them as a threat to deposits and traditional payment rails. That era appears to be over.

A consortium of 21 financial institutions, including Goldman Sachs, Bank of America, Citigroup, Deutsche Bank, UBS, Wells Fargo, Barclays and Santander, is planning to form a company that would issue a stablecoin pegged to the U.S. dollar, with a launch targeted for the first half of 2027, according to Reuters.

A stablecoin is a digital token designed to hold a steady value, typically backed one-to-one by a traditional currency like the U.S. dollar, and used for payments, trading and moving money across borders.

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The effort started smaller.

When the group was first announced in October 2025, it had just 10 members. It has since more than doubled, and the consortium said it plans to expand beyond dollars into other major currencies, with the euro as a priority.

Tether and Circle already reign supreme

The stablecoin space is not new, it has just been dominated by companies outside the banking system.

Tether, the largest issuer, has more than $183 billion of its dollar-pegged token in circulation and has generated billions in profit by parking reserves in U.S. Treasuries.

Circle, the company behind USDC, is another major player which has $73.5 billion of its stablecoins in circulation.

These two account for the vast majority of stablecoin volume globally.

Banks have tried before, with limited results. Société Générale became the first major bank to issue a dollar-backed stablecoin through its digital asset subsidiary last year, but adoption has been minimal, just $12.5 million in circulation, according to its website.

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Competition is building fast

The 21-bank group is not the only consortium in the race. Qivalis, a separate alliance of 37 financial institutions, plans to launch a euro-pegged stablecoin later this year. Some banks, including Spain's BBVA, sit in both groups.

The entry of traditional banks into stablecoins is widely seen as a response to growing competition from tech firms and crypto-native companies that have been steadily pulling payments activity off traditional banking rails.

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This story was originally published by TheStreet on Sep 1, 2026, where it first appeared in the LATEST NEWS section. Add TheStreet as a Preferred Source by clicking here.