Global Banks Goldman Sachs, Citigroup and More Commit $270,000,000 to Joint Stablecoin Venture

A consortium of global banks is committing serious capital to advance its stablecoin project into active development. The funding totals around $270 million from firms including Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank, reports Bloomberg. The money will support five years of operations at a new company that will issue a dollar-denominated stablecoin. The issuer is expected to be incorporated in the US, according to people familiar with the matter, who asked to remain anonymous due to the confidential nature of the information. According to Investing.com, the planned stablecoin issuer is operating under the codename Project Faro, and the investment formalizes an ambitious initiative unveiled in September by 21 international institutions to compete with crypto-native players by offering institutional-grade digital settlement assets.

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