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Goldman, Citi and other banks back $270 million stablecoin venture

Goldman Sachs, Citigroup and other banks have committed $270 million to a joint US stablecoin venture. The project, involving 21 global financial institutions, aims to challenge the biggest names in stablecoins.

Illustration: A silver token with a circuit pattern stands beside a neat stack of plain banknotes on a coral seamless backdrop.
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Goldman Sachs, Citigroup and BBVA are among the banks that have committed $270 million to a joint US stablecoin project. Banco Santander and Deutsche Bank are also named as backers. The group includes 21 global financial institutions in total.

A stablecoin is a cryptocurrency designed to keep a steady value, usually by being backed by a currency such as the US dollar. The planned token would be dollar-backed, and the venture aims to launch it in the first half of 2027.

The move is being presented as a challenge to the crypto firms that dominate the stablecoin market. The news broke on a Tuesday.

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