According to Bloomberg, today (Nov 11), Goldman Sachs, Citigroup, Santander, and Deutsche Bank committed approximately $270 million to the collaborative stablecoin project Project Faro. The funding will cover the new company's operational expenses for five years. The initiative, announced by 21 institutions in September, targets launching a U.S. dollar stablecoin in the first half of 2027, followed by stablecoins pegged to other currencies, starting with the euro. The new company handling stablecoin issuance is expected to register in the United States and is currently recruiting a chief executive officer.

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