Drama in the crypto market: 21 financial giants prepare for change
The world's largest banks, including Goldman Sachs and Citi, are uniting to create a joint digital currency that will threaten the dominance of leading companies in the industry, and the official date has already been revealed.
The digital currency market may be facing a significant change after a group of 21 of the world's largest financial institutions joined forces to create a joint stablecoin. The move marks a significant entry of the traditional banking system into a field that has until now been dominated primarily by companies from the crypto world.
Among the entities participating in the move are key names such as Goldman Sachs, Bank of America, Citi, Deutsche Bank, Capital One, and Fidelity Investments. Of the 21 institutions, 17 are defined as global systemically important banks. These are entities whose scale of activity makes them central players in the global financial system.
The plan is to establish a separate legal entity during 2026 that will be responsible for issuing the currency. In the first stage, it will be a stablecoin pegged to the US dollar, with the launch scheduled for the first half of 2027.
The group does not intend to settle for just one currency. According to the plan, the company may later issue additional stablecoins pegged to the currencies of other G7 countries, including the euro. This could create a digital infrastructure that allows for activity in a variety of currencies within the same system.
The current organization is actually a significant expansion of an initiative first announced in October 2025. At that time, only ten banks participated, and now the number of partners has more than doubled to 21 institutions. The increase in the number of participants indicates the growing interest of traditional banks in blockchain technology and the financial uses of stablecoins.
The significance of the move could be dramatic for the crypto market. Today, the stablecoin sector is largely controlled by companies like Tether and Circle, which operate the USDT and USDC currencies. The entry of some of the world's largest financial institutions could create, for the first time, a large-scale banking alternative in the field.
One of the main advantages of the move is the network effect. When large banks work together, the new currency can be used not only for buying and selling digital assets, but also for transferring funds between institutions, clearing transactions, and cross-border payments.
The planned uses include activity in institutional and wholesale markets, alongside the possibility of use by private customers. In addition, the currencies may be used for international transfers on public blockchain networks.
The entry of large banks into the field may also change the traditional financial system's attitude toward blockchain. For years, the technology was perceived as a field identified primarily with crypto companies, but the current organization indicates that the banks themselves see it as an infrastructure that can serve the world of payments and trade.
For the crypto market, this is a significant development. If the venture succeeds, the new currency could introduce direct competition to existing players, expand the use of stablecoins, and accelerate the connection between the banking system and the world of digital assets.
