According to ChainCatcher, a banking consortium of 21 institutions has pledged approximately $270 million to support Project Faro, an upcoming U.S. dollar stablecoin initiative. Goldman Sachs, Citigroup, Santander, and Deutsche Bank are among the participating banks. The project is scheduled to launch in 2027 and will be operated by a U.S. registered issuer. Project Faro currently has no token, CEO, or final name. Tether and Circle collectively hold approximately 85% of the roughly $290 billion stablecoin market.

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