Goldman, Citi and other big banks put about $270 million behind their joint 'Project Faro' dollar stablecoin

Summary

Goldman Sachs, Citigroup, Santander, Deutsche Bank and other financial firms have committed about $270 million to their joint stablecoin venture, CoinDesk and Decrypt reported, both citing a Bloomberg report that relied on people familiar with the matter.

The money is meant to cover five years of operating costs for the venture, known as Project Faro, which plans to issue a dollar-denominated stablecoin from a company expected to be incorporated in the U.S., according to both outlets.

CoinDesk said the group also aims to build stablecoins tied to other G7 currencies, with a euro token first in line, while Decrypt said the venture still has no chief executive and no final name.

Decrypt said the consortium of 21 institutions announced in September is targeting a launch in the first half of 2027 and is designing the token to comply with the U.S. GENIUS Act and, where applicable, the EU's MiCA rules.

Updates

• Update, Wed, 11 Nov 2026 02:05:00 UTC: Cointelegraph, citing Bloomberg, reported that 21 financial institutions are behind the roughly $270 million commitment, which is meant to cover five years of operations, with a euro coin expected to follow the dollar launch.

Key facts

• CoinDesk: Wells Fargo, Fidelity, MUFG and Standard Bank are also involved in Project Faro. (CoinDesk)
• Decrypt: other participants include Bank of America, PNC, Capital One, TD Bank, UBS, BBVA, Lloyds Banking Group and MUFG, and JPMorgan is not on the list. (Decrypt)
• Decrypt: Tether's USDT and Circle's USDC together hold about 85% of a stablecoin market worth roughly $290 billion. (Decrypt)
• Decrypt: when the bank consortium first went public in September, Circle's stock fell about 6%. (Decrypt)
• Decrypt: a project spokesperson, Santander and Deutsche Bank declined to comment, while Goldman and Citi referred questions to the project; CoinDesk said the banks did not immediately respond to its request for comment. (Decrypt)
• Cointelegraph: several Faro members, including BBVA and Rabobank, also take part in rival bank stablecoin efforts such as Stripe-led Open USD and the European consortium Qivalis. (Cointelegraph)
• Cointelegraph: Tether's USDT and Circle's USDC make up about 85% of a roughly $290 billion stablecoin market as of Nov. 10, citing DefiLlama. (Cointelegraph)