Banks commit about $270 million to joint stablecoin issuer, Bloomberg reports

Banks pledge about $270 million

A consortium of 21 financial organizations has committed about $270 million to finance a future stablecoin issuer, according to a Bloomberg report cited by ForkLog on 11 November 2026. Goldman Sachs, Citigroup and Bank of America are among the participants.

The funds are intended to cover the future company's operating expenses over five years, the report said. A stablecoin is a crypto token designed to hold a steady value, usually by being tied to a currency such as the dollar.

The commitment is reported by Bloomberg. The material available does not include confirmation from the banks themselves.

Open questions

The report did not name the other 18 members of the consortium, the issuer itself, or the currency the token would be tied to. It gave no launch date.

Whether the group has applied for any licence, how the stablecoin would be backed and when it might be issued are not stated. The available material also carries no comment from the banks involved.