Goldman Sachs, Citigroup, Santander and Deutsche Bank are among the financial institutions committing roughly $270 million to a planned U.S. dollar stablecoin venture, according to Bloomberg on Nov. 10. The funding is intended to cover the new company’s operating costs for its first five years.
The consortium has grown to 21 financial institutions and targets a launch in the first half of 2027, with a dollar-denominated token first and a euro stablecoin identified as the priority expansion. The group includes Bank of America, Capital One, Fidelity Investments, Wells Fargo, WisdomTree, BBVA, Commerzbank, Lloyds Banking Group, Rabobank, UBS, MUFG Bank, Standard Bank and other institutions.
The venture plans to serve wholesale, institutional and retail customers, focusing on cross-border payments and digital asset settlements. Wells Fargo said the company intends to operate globally and later issue tokens tied to other G7 currencies. The announcement did not disclose a ticker, blockchain networks, reserve custodian or lead shareholder.
The initiative is expected to comply with the U.S. GENIUS Act and the EU’s MiCA rules where applicable. The OCC published a final rule implementing the GENIUS Act on Oct. 21, with an effective date of Jan. 18, 2027, covering reserve, redemption, custody, capital, audit and reporting requirements.
