Stablecoin venture draws $270M backing from Goldman, Citi and peers

Goldman Sachs, Citi, Santander, and Deutsche Bank have joined financial firms committing around $270 million to a planned U.S. dollar stablecoin venture, according to Bloomberg’s Nov. 10 report. Summary Banks have committed funding to cover the planned stablecoin issuer’s first five years of operations. Twenty-one financial institutions joined the consortium, which targets a launch in the first half of 2027. Dollar issuance would come first, with a euro stablecoin identified as a priority for expansion. U.S. regulatory plans include reserve, redemption, custody, and capital requirements under the GENIUS Act. Bloomberg reported, citing people familiar with the matter, that the funding would support a new company expected to be incorporated in the United States. The commitment concerns the venture’s operating costs over five years. Stablecoin consortium brings together 21 financial firms The consortium announced on Sept. 1 that its members had committed to establishing a company during the second half of 2026, subject to closing conditions. Its stated launch window is the first half of 2027. As crypto.news previously reported, the group includes banks, investment managers and other f...