Goldman Sachs, Citi and Deutsche Bank back $270 million stablecoin project

A group of major financial firms including Goldman Sachs, Citigroup, Banco Santander, and Deutsche Bank have committed approximately $270 million to fund a new stablecoin issuer, according to sources familiar with the initiative. This project, known internally as Project Faro, is being developed by a coalition of 21 banks and financial institutions. The $270 million in commitments is intended to support the operational costs of the stablecoin venture for its first five years. Project Faro’s backers are in the process of incorporating the issuer in the United States and continue to search for a chief executive to lead the firm. At this stage, the involved parties have not disclosed whether the committed funds will be provided in the form of equity or other financial instruments.

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