Goldman Sachs, Citi and other financial firms reportedly committed $270 million to fund Project Faro’s first five years of operations. The consortium plans to launch a US dollar-backed stable
A group of 21 global financial institutions has committed approximately $270 million to Project Faro, a joint stablecoin venture planning to launch a US dollar-backed digital currency in the first half of 2027.
Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank join the institutions backing the project, according to a Bloomberg report published on November 10, citing people familiar with the matter.
The funding is expected to cover the venture’s first five years of operating expenses. The money is intended to support the planned company’s operations and development, rather than serve as the reserves backing the stablecoin.
The initiative was first announced in September 2026, when the 21 financial institutions said they planned to establish a dedicated company to issue stablecoins. The venture is expected to be incorporated in the United States, although its final company name has not been announced.
Project Faro plans to introduce a US dollar-denominated stablecoin as its first product, with a euro-backed version expected to follow. The longer-term goal is to expand into stablecoins linked to other Group of Seven (G7) currencies.
The planned digital currencies are intended to support wholesale, institutional and retail payments, including cross-border transfers and digital asset settlements.
Other participants in the consortium include Bank of America, Wells Fargo, Fidelity Investments, UBS, BBVA, Lloyds Banking Group, MUFG Bank and Standard Bank. The group brings together financial institutions from North America, Europe, Asia, the Middle East and Africa.
The venture is also preparing to compete with established stablecoin issuers such as Tether and Circle, whose USDT and USDC tokens account for a large share of the dollar-pegged stablecoin market.
However, Project Faro is still in development. The consortium is reportedly searching for a chief executive, and individual funding contributions and ownership stakes have not been disclosed.
The group is targeting the first half of 2027 for its initial US dollar stablecoin launch. It has also said it intends to follow applicable regulatory requirements, including the US GENIUS Act and the European Union’s MiCA framework.
