Citi to Join Banking Coalition Developing a Euro Stablecoin (1)

Citigroup Inc. is joining a group of nine European lenders developing a regulated euro-based stablecoin, the latest move by a large financial institution into the fast-growing area of digital money.

The New York-based bank intends to take part in the consortium as part of its broader efforts on blockchain and digital assets, a spokesperson confirmed on Friday.

The group — which includes ING Groep NV, UniCredit SpA and DekaBank — revealed late last month that they had formed a new company based in the Netherlands to manage the project and which aims to issue the token in the second ...