Goldman, Citi and Other Banks Reportedly Fund $270 Million Stablecoin Initiative

The stablecoin venture that 21 financial firms unveiled in September has about $270 million in commitments from its backers, with Goldman Sachs , Citigroup , Banco Santander and Deutsche Bank among the banks putting up money, according to a report on Tuesday that cited people familiar with the matter. The funding is meant to pay for the planned issuer’s first five years , the report said. Its backers plan to incorporate the issuer, codenamed Project Faro , in the U.S. and are still looking for a chief executive, according to the report. Versions of the report published by other outlets did not say whether the money is equity or another form of capital, how much each bank is putting in, or which blockchain the token will use.

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