Goldman Sachs, Citigroup, and additional financial powerhouses have dedicated roughly $270 million towards their collaborative stablecoin enterprise, as disclosed by Bloomberg on Tuesday.
As per the publication, which referenced individuals acquainted with the situation, the collective—featuring names like Santander and Deutsche Bank—secured the capital to sustain five years of business operations for the startup initially unveiled back in September.
Additional participants taking part in Project Faro consist of Wells Fargo, Fidelity, MUFG, and Standard Bank, and the initiative intends to launch a US dollar-pegged stablecoin while planning for a U.S. registration.
Furthermore, Project Faro plans to create stablecoins tied to different Group of 7 legal tenders, placing a euro-linked asset at the front of the queue.
Stablecoins—which are virtual tokens mirroring the worth of standard financial instruments, typically sovereign money—sit at the cutting edge of digital asset integration by banking corporations.
Back in June, over 140 enterprises teamed up to build the Open USD stablecoin, a group counting Stripe, Visa, Mastercard, and BlackRock among its members.
The financial institutions involved in Faro did not promptly reply to inquiries for statements made by CoinDesk.
Originally published at https://www.coindesk.com/business/2026/11/10/goldman-sachs-citi-among-banks-said-to-commit-usd270-million-to-stablecoin-venture.
