Goldman Sachs and Citi Join $270M Stablecoin Venture Backed by Global Banks

TL;DR Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank are among institutions committing $270 million to support Project Faro’s planned stablecoin issuer for five years. The U.S.-incorporated venture plans to launch a dollar-denominated stablecoin in the first half of 2027, with a euro token prioritized afterward. Project Faro has expanded to 21 institutions and targets wholesale, institutional and retail payments and settlement while remaining pre-launch and searching for a chief executive. Goldman Sachs and Citigroup are among financial institutions that have committed about $270 million to support a joint stablecoin company for its first five years of operations. People familiar with the matter told Bloomberg that Banco Santander and Deutsche Bank are also participating. The funding commitment moves a bank-backed stablecoin project from exploration toward an operating company.

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