Goldman, Citi, and global banks launch $270M stablecoin project
7.3 Stablecoins Goldman Sachs, Citi, Santander, and others have invested $270M in Project Faro, aiming to launch a dollar-pegged stablecoin by 2027 and expand to other G7 currencies.
A consortium of major financial institutions, including Goldman Sachs, Citigroup, Banco Santander, Deutsche Bank, Wells Fargo, Fidelity, MUFG, and Standard Bank, has committed around $270 million to fund a joint stablecoin venture called Project Faro. This capital will support the first five years of operations for a U.S.-incorporated issuer, with the initial goal of launching a dollar-pegged stablecoin by the first half of 2027. The consortium, comprising 21 international institutions, plans to expand the offering to other G7 currencies, with a euro-denominated token as the next priority. Project Faro aims to serve wholesale, institutional, and retail markets, streamlining cross-border transactions and digital asset settlements. The initiative will operate under regulatory frameworks such as the U.S. GENIUS Act and Europe’s MiCA. The group is currently searching for a chief executive to lead the venture, which seeks to provide institutional-grade digital settlement assets and compete with established sector leaders.
