Goldman, Citi, Santander and Deutsche Bank pledge $270 million to new stablecoin project
Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank have each committed roughly $270 million to fund a joint stablecoin initiative known as Project Faro. The consortium plans to launch a dollar‑pegged token in the first half of 2027 and later add other G7 currencies, starting with the euro. The venture will target wholesale, institutional and retail users for cross‑border payments under frameworks such as the U.S. GENIUS Act and Europe’s MiCA. An executive search for a chief executive officer is under way.
Why it matters
The funding secures five years of operating capital for the new token, giving investors exposure to a potential competitor to Tether and Circle. If the token launches as planned, it could attract institutional demand for reserve‑backed digital dollars and diversify the stablecoin market.
Key facts
- 1Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank have committed approximately $270 million to the stablecoin venture. investing.com
- 2The consortium aims to launch a dollar‑pegged token in the first half of 2027. investing.com
- 3The project plans to expand issuance to other G7 currencies, with a euro offering prioritized. investing.com
- 4The token will be designed for wholesale, institutional and retail markets, focusing on cross‑border transactions and digital asset settlements. investing.com
- 5Regulatory frameworks referenced include the U.S. GENIUS Act and Europe’s MiCA. investing.com
- 6The consortium is conducting an executive search for a chief executive officer to lead the entity. investing.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.