Goldman, Citi Commit $270M to Their Own Stablecoin: Can Tether and Circle Hold On?
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Goldman Sachs, Citigroup and 19 other firms have committed $270 million to launch a shared stablecoin, directly challenging incumbents Tether (USDT) and Circle (USDC). The consortium funding targets the roughly $150 billion-plus stablecoin market, where Tether and Circle currently dominate issuance. The move matters because bank-backed tokens could capture institutional payment and settlement flows long controlled by the two largest issuers. Circle's publicly traded stock is the immediate focal point, given its revenue depends on USDC supply and reserve income. Next, watch for the new coin's issuance timeline, reserve attestation details and early exchange or payment partnerships that signal whether banks can win share from USDT and USDC.
Muhabbit's AI wrote this summary in its own words from BeInCrypto's report. It can get details wrong, so check the source.
Named in this story
Goldman Sachs (GS), Citigroup (C), Circle (CRCL), Tether, stablecoin
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