A 21-institution consortium plans a U.S. dollar stablecoin for payments and digital-asset settlement, while Bloomberg reported about $270 million in commitments to cover five years of operating costs.
The consortium announced Sept. 1 that its members planned to establish a company in the second half of 2026, contingent on closing conditions. Members include Goldman Sachs, Citi, Bank of America, Banco Santander, Deutsche Bank and MUFG Bank, alongside other financial firms.
The first planned token would be denominated in U.S. dollars. The group identified a euro-denominated version as a priority for possible expansion to other Group of Seven currencies. It said the tokens could support international payments and digital-asset settlement for wholesale, institutional and retail customers.
Bloomberg reported Nov. 10, citing people familiar with private discussions, that the venture had about $270 million in commitments for operating costs over five years. The consortium’s public announcement did not disclose a funding figure or detail individual contributions.
The members said the initiative is intended to comply with the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets framework (MiCA), as applicable. The public announcement did not identify a token name, blockchain network or reserve arrangements. The institutions said their existing controls, oversight, customer networks and risk systems could be applied to digital payment and settlement services.
The plan follows an October 2025 announcement that an initial group of 10 banks was exploring a reserve-backed digital payment asset for public blockchains. Reuters reported in September that Tether dominated the stablecoin market and that signs of demand for bank-issued tokens were limited at that time.
The consortium’s stated target is to bring the planned stablecoin to market in the first half of 2027.
