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Crypto

BoA, Deutsche Bank, UBS and others form stablecoin alliance of 21 global financial institutions

Twenty-one major global financial institutions have begun work to jointly establish a stablecoin issuer, with a plan to launch a U.S. dollar-based stablecoin in the first half of 2027. Participants include Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments. The group plans to focus first on a dollar stablecoin and later expand to products based on other G7 currencies, with a euro stablecoin listed next.

Finance

Fintech job cuts: really driven by AI? Pressure to cut costs may be bigger factor

AI is being blamed for large-scale job cuts in the fintech sector this year, but profitability pressure, cost-cutting and the aftermath of past overhiring may be bigger factors, an article said. A commentary published by TechRadar said about 10,000 fintech jobs have disappeared globally this year, citing cuts at PayPal, Block and Coinbase. It said companies are linking restructuring to AI despite unclear evidence of productivity gains.

Crypto

Citi to launch bitcoin custody service, integrate with stock and bond platform

Citi will start offering bitcoin custody services for institutional clients within this year, Cryptopolitan reported. Citi said it plans to incorporate bitcoin into Custody+, the platform its Investor Services unit uses for traditional securities. Clients will be able to view and manage traditional holdings and bitcoin in one place. The bank said the service operates on a single framework shared by tokens and traditional securities and includes features such as real-time services and instant settlement.