The 21-institution consortium behind a planned bank-issued dollar stablecoin now has its first funding figure. Firms including Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank have reportedly committed around $270M to the joint venture.

The money is meant to cover five years of operations at the new company, which targets a US dollar stablecoin launch in the first half of 2027.

The group, which also includes Bank of America, UBS and Fidelity Investments, plans to serve wholesale, institutional and retail use cases such as cross-border payments and digital-asset settlement. It intends to comply with the GENIUS Act and MiCA, with a euro token as the next priority after the dollar.

The company name, blockchain networks and reserve structure have not been disclosed yet. In Europe, the separate Qivalis bank consortium has grown to 37 institutions and is pursuing approval for a euro stablecoin.