Goldman Sachs, Citigroup, and other banks have committed approximately $270 million in funding support for a joint stablecoin project.

BlockBeats news, November 11 - According to Bloomberg, people familiar with the matter revealed that several financial institutions including Goldman Sachs Group, Citigroup, Spain's Santander Bank, and Deutsche Bank have committed approximately $270 million in funding support for a joint stablecoin project.

The sources said the funds are intended to cover the new company's five-year operating costs. Earlier this year, a group of 21 institutions announced plans for the company. The company will serve as an issuer of US dollar stablecoins and is expected to be registered in the United States. The people familiar with the matter requested anonymity as the information involves non-public details.