21 Banks Plan USD Stablecoin by H1 2027 as GENIUS Act Clears Path

3 articles · Updated · forkast.news · Sep 1

A consortium of 21 global banks including Citi, Goldman Sachs, Bank of America and UBS is preparing a dollar stablecoin for the first half of 2027, shifting from watching crypto payments to competing for on-chain liquidity.
The timing tracks the GENIUS Act’s Jan. 18, 2027 effective date and Treasury’s August 2026 proposal, which together require 1:1 reserves, bar issuer yield and frame stablecoins as payment infrastructure rather than securities.
Banks are pairing the new token with a defensive tokenized-deposit push: the Clearing House network announced in June aims to protect deposits, after Bank of America’s Brian Moynihan warned as much as $6.6 trillion could migrate to stablecoins.
JPMorgan is notably absent from the consortium, sticking with its private Kinexys and JPM Coin rails while the 21-bank group bets public blockchains will matter more for cross-border interoperability.
The launch would add another heavyweight entrant to a crowded field that already includes the roughly 140-member Open USD consortium and Europe-focused Qivalis, testing whether bank-issued tokens can match non-bank stablecoins’ liquidity and network effects.