Goldman Sachs, Citigroup and other financial firms have committed about $270 million to a joint stablecoin venture called Project Faro, Bloomberg reported. The money covers five years of operating costs. The venture plans a dollar-denominated token first, with a euro-denominated token prioritised among other currencies.
Goldman Sachs, Citigroup and other financial services firms committed around $270 million to their joint stablecoin venture, Bloomberg reported on Tuesday. The group raised the funds to cover five years of operating costs at the new company, according to the report, which cited people familiar with the matter.
Who is behind Project Faro
The group also includes Santander and Deutsche Bank, CoinDesk reported. Wells Fargo, Fidelity, MUFG and Standard Bank are also involved in the venture, which is expected to be incorporated in the U.S.
The consortium first announced on Sept. 1 that its members had committed to establishing a company during the second half of 2026, subject to closing conditions. Its stated launch window is the first half of 2027, and 21 financial institutions have joined.
Dollar stablecoin planned, euro token prioritised
Project Faro will issue a dollar-denominated stablecoin. It also aims to develop stablecoins pegged to other G7 currencies, with a euro-denominated token taking priority.
The group named cross-border payments and digital asset settlements among the intended uses. Its proposed customer base covers wholesale, institutional and retail markets, according to the announcement.
Separately, over 140 companies joined forces to develop the Open USD stablecoin in June, including Stripe, Visa, Mastercard and BlackRock.
The Faro-participating banks did not immediately respond to CoinDesk's request for comment.
Sources: CoinDesk, crypto.news
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