Banks commit $270M to planned U.S. stablecoin venture

The venture is expected to be incorporated in the United States. Its members announced on Sept. 1 that they aimed to establish the company in the second half of 2026, subject to closing conditions, and target a launch in the first half of 2027. The institutions have not disclosed individual funding amounts or ownership shares, or named a lead shareholder.

The consortium includes North American firms Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree. European members are Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank and UBS. MUFG Bank, Sirius International Holding and Standard Bank represent East Asia, the Middle East and Africa, respectively.

Dollar payments first, with a euro token planned

The company plans to begin with a dollar-denominated stablecoin and later consider tokens tied to other G7 currencies, prioritizing a euro offering, according to a Wells Fargo release. The stated uses include cross-border payments and digital-asset settlements for wholesale, institutional and retail customers. The consortium has not announced a public company name, token ticker, supported blockchains, reserve custodian, transaction fees or customer onboarding timetable.

The banks said they intend to comply with the U.S. GENIUS Act and the EU’s Markets in Crypto-Assets regulation where applicable. The September announcement did not identify an issuing license or say the venture had received regulatory approval.

President Donald Trump signed the GENIUS Act on July 18, 2025. The White House says it requires full backing with liquid assets, including dollars or short-term Treasury securities, and monthly public disclosures of reserve composition. The law also sets marketing restrictions and gives stablecoin holders priority over other creditors if an issuer becomes insolvent.

The Office of the Comptroller of the Currency published a final rule implementing the act for entities under its jurisdiction on Oct. 21, with an effective date of Jan. 18, 2027. The OCC’s framework covers areas including reserves, redemptions, audits, reporting, custody and capital requirements. The agency said anti-money laundering, Bank Secrecy Act and sanctions provisions would be addressed separately with the Treasury Department.