Crypto: Goldman Sachs, Citi and Deutsche Bank offer a $270 million stablecoin

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Generous for an interbank project still without a commercial name, the amount remains modest compared to the billions that Tether rake in each year. Cross-border payments and interbank settlement are among the targeted uses.

The information comes from Bloomberg. Goldman Sachs, Citigroup, Santander and Deutsche Bank are among the institutions ready to commit some $270 million over five years to a joint structure responsible for issuing a token backed by the greenback. Or around fifty million per year, distributed among several shareholders. Other banks could still join the round, and the project remains at the preparatory stage, with no launch schedule made public.

Let's talk about the absentees right away: JPMorgan, Bank of America and Wells Fargo are not on the list reported by Bloomberg. The three largest American banks are each moving forward on their own path. Since 2025, JPMorgan has been circulating its JPMD, a deposit token intended for institutional clients and deployed on the Base blockchain. Bank of America has been repeating since the summer of 2025 that it will issue its own stablecoin, alone or in a consortium, once the rules are stabilized.

However, the entry ticket seems light. Tether generated more than $13 billion in profits in 2024 alone, then another ten billion the following year. The envelope of the four banks barely covers a week of results from the USDT issuer. Between them, USDT and USDC still account for nearly 85% of a market which exceeds $300 billion in capitalization.

The legal framework has changed over the past year. Promulgated in July 2025, the GENIUS Act requires issuers of stablecoins to pay reserves backed 100% in cash and short-term Treasury bills, with monthly publication. Above all, it prohibits them from paying the slightest interest to holders, a clause which we will recall was at the top of the demands of the American banking lobby. The Treasury Borrowing Advisory Committee (TBAC) then estimated that up to $6.6 trillion in deposits could migrate to these tokens, for a market reaching $2 trillion by 2028.

Europe has led the way. Nine banks on the continent, including ING and UniCredit, announced a common euro stablecoin in September 2025. The structure, called Qivalis and domiciled in Amsterdam, aims to be put into circulation under the MiCA regime. Deutsche Bank is already playing in this field: its subsidiary DWS co-founded AllUnity with Galaxy and Flow Traders, and the joint venture obtained an electronic money license from the German regulator BaFin in July 2025 for its EURAU token.

Machine-translated from French