A consortium of global banks is committing serious capital to advance its stablecoin project into active development.
The funding totals around $270 million from firms including Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank, reports Bloomberg.
The money will support five years of operations at a new company that will issue a dollar-denominated stablecoin. The issuer is expected to be incorporated in the US, according to people familiar with the matter, who asked to remain anonymous due to the confidential nature of the information.
According to Investing.com, the planned stablecoin issuer is operating under the codename Project Faro, and the investment formalizes an ambitious initiative unveiled in September by 21 international institutions to compete with crypto-native players by offering institutional-grade digital settlement assets.
The consortium is currently searching for a chief executive to lead the venture ahead of a planned commercial launch in the first half of 2027. It initially plans to issue a dollar-pegged token before expanding into other G7 currencies, with the euro expected to be next.
The product is designed for wholesale, institutional and retail users, with the goal of making cross-border payments and digital asset settlements more efficient while operating under established regulatory frameworks, including the US GENIUS Act and Europe’s MiCA.
Project Faro grew out of an initiative launched in late 2025 by 10 founding banks to explore reserve-backed financial products on public blockchains. The consortium has since expanded across North America, Europe, East Asia, the Middle East and Africa, attracting major institutions including Bank of America, UBS, Fidelity Investments and Wells Fargo.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Featured Image: Shutterstock/Teo Tarras/Natalia Siiatovskaia