Goldman Sachs, Citi and Other Banks Commit $270M to Joint Stablecoin Venture

According to Bloomberg, a group of financial institutions, including Goldman Sachs, Citigroup, Santander and Deutsche Bank, have committed approximately $270 million to Project Faro, a joint stablecoin venture. The funding is intended to cover five years of operations. The project, involving 21 financial institutions, plans to establish a US-based company to issue a dollar-denominated stablecoin in the first half of 2027, with a euro-denominated stablecoin expected to follow. Other participants include Wells Fargo, Fidelity, UBS and Lloyds Banking Group. The initiative aims to compete with established issuers Tether and Circle, whose stablecoins account for roughly 85% of the global market.