A consortium of global banks, including Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank, has committed around $270 million to develop a planned stablecoin, Bloomberg reports. The money is intended to fund five years of operations at a new issuer, which people familiar with the matter expect to be incorporated in the US. The consortium is still seeking a chief executive and plans a commercial launch in the first half of 2027.
The venture initially plans to issue a dollar-pegged token, with the euro expected to follow. The product is designed for wholesale, institutional and retail users, but has not yet launched.
