A consortium of 21 banks led by Goldman Sachs and Japan’s MUFG Bank plans to launch its own U.S. dollar stablecoin. Emi Yoshikawa, former vice president of strategic initiatives at Ripple from 2016 to 2024, commented on this project by evoking a sense of « déjà vu, » stating that this is « exactly how things were supposed to go. » MUFG Bank, the only Asian participant, is simultaneously developing a parallel yen stablecoin project with megabanks SMBC and Mizuho, with a planned launch in March 2027 on the Progmat platform. This strategy by major traditional banks, choosing to create their own isolated structures rather than integrating established networks like the XRP Ledger, could compete with regulated stablecoins such as Ripple’s RLUSD, whose market capitalization surpassed $2 billion in September 2026.
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