DECRYPT · 2026-11-10 18:33 UTC

Goldman, Citi and Global Banks Commit $270 Million to Challenge Crypto's Stablecoin Giants

Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank are among banks backing a joint stablecoin venture, Project Faro, with about $270 million committed, according to Bloomberg citing people familiar with the matter. The capital is meant to cover five years of operations for a planned U.S.-incorporated company issuing a dollar stablecoin; the venture still lacks a CEO and a final name, with a launch targeted for the first half of 2027. The consortium has grown to 21 institutions and includes Bank of America, Wells Fargo and others, while JPMorgan is not listed; Tether's USDT and…

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