Goldman, Citi Among Banks Committing $270M to Fund Joint Stablecoin Issuer for Five Years

Goldman Sachs and Citigroup are among the banks that have committed about $270 million to a joint stablecoin company, Bloomberg reported on Tuesday. Banco Santander and Deutsche Bank have also joined, according to people familiar with the matter. That money is meant to cover five years of operations at the new company, which will issue a dollar-denominated stablecoin and is expected to be incorporated in the US, the sources said. Participants call the initiative Project Faro. The project is still searching for a chief executive, and its final name remains under discussion. Goldman and Citi referred questions to a project spokesperson, who declined to comment.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CryptoPotato.