Citigroup (C) Redeems $1.0B of Series Y Preferred Stock

Goldman Sachs, Citigroup, Banco Santander, and Deutsche Bank, among others, have committed $270 million to a joint stablecoin venture called Project Faro. The U.S.-incorporated issuer aims to launch a dollar-pegged token by mid-2027, with plans to expand into other G7 currencies. The venture targets institutional and retail markets, focusing on cross-border transactions and digital asset settlements under regulatory frameworks like the U.S. GENIUS Act and Europe's MiCA.

Goldman, Citi Among Banks in $270 Million Stablecoin Backing, Bloomberg reports.

Citigroup (C) received a securities license in China, according to CEO Jane Fraser. The approval, obtained after a five-year wait, allows the bank to complete its product offerings in the country.

Citigroup CEO Jane Fraser expressed optimism about the company's expansion in China after receiving approval to establish a wholly-owned securities firm. She cited Beijing's support for foreign financial firms and China's strengths in manufacturing and AI as growth opportunities, according to her remarks at the Citi China Conference in Shanghai.

Citigroup Inc. will redeem $1 billion of its Series Y preferred stock on November 15, 2026, paying $1,000 per depositary share. Shareholders will also receive a quarterly dividend of $10.375 per share. The move aims to improve the bank's funding and capital structure, considering factors like economic value and market conditions. Dividends will cease to accrue from the redemption date. Citigroup Inc. (NYSE: C) is a global bank with approximately $2.4 trillion in total assets.

Citigroup obtained a license to operate a securities business in mainland China, allowing it to raise capital, trade, and connect global investors. CEO Jane Fraser highlighted the bank's competitive edge and plans to hire 100 bankers. She also commented on the AI market selloff, calling it overdone. Citigroup reported record Q3 earnings, with growth across business lines.