According to Bloomberg on November 10, a 21-institution consortium committed approximately $270 million to Project Faro, a joint stablecoin venture led by Goldman Sachs, Citigroup, Deutsche Bank, and other major global financial institutions. The funding covers five years of operating expenses for a planned U.S.-incorporated stablecoin issuer.

The group plans to launch a U.S. dollar-backed stablecoin in the first half of 2027, with plans to expand into euro-denominated tokens. Participating institutions include Bank of America, Wells Fargo, Fidelity Investments, UBS, Banco Santander, Lloyds Banking Group, and MUFG Bank, among others. The venture targets wholesale, institutional and retail markets, focusing on cross-border payments and digital asset settlements.

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