Sources: Citigroup, Goldman Sachs, and others in a 21-bank consortium committed around $270M to fund five years of a stablecoin venture announced in September (Bloomberg)
A group of 21 major financial institutions has pooled roughly $270 million to finance a joint stablecoin project over a five-year operational runway. The capital commitment builds on the collective venture that was initially introduced to the public in September. Citigroup and Goldman Sachs are among the prominent lenders participating in the multi-bank initiative. Further operational specifics and the complete roster of participating banks currently remain undisclosed.
Key points
The funding builds directly upon an initiative originally unveiled by the banking consort…: The funding builds directly upon an initiative originally unveiled by the banking consortium in September.
Large financial institutions are collaborating closely to establish a long-term presence…: Large financial institutions are collaborating closely to establish a long-term presence in the stablecoin sector.
Detailed operational plans and the identities of the other participating banks have not y…: Detailed operational plans and the identities of the other participating banks have not yet been made public.
Sources checked by our analysis pipeline: 1
Anthropic: |
CNBC: |
Echo Wang / Reuters: |
Financial Times: |
Echo Wang / Reuters: |
The Information: |
Financial Times: |
Mackenzie Hawkins / Bloomberg: |
Associated Press: |
Sarah Perez / TechCrunch: |
Semafor: |
Tom Warren / The Verge: |
Jason Schreier / Bloomberg: |
Koray Kavukcuoglu / Google: |
Kyle Kucharski / ZDNET: |
Lily Hay Newman / Wired: |
Mia Sato / The Verge: |
Shirin Ghaffary / Bloomberg: |
AI Futures Project: |
Bloomberg: |
Jenny Lee / CNBC: |
Ethan Mollick / One Useful Thing: |
Reuters: |
Mark Gurman / Bloomberg: |
Maximilian Schreiner / The Decoder: |
Andy Lin / Bloomberg: |
Brody Ford / Bloomberg: |
Reuters: |
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