COINDESK · 2026-11-10 17:32 UTC

Goldman Sachs, Citi among banks said to commit $270 million to stablecoin venture

Goldman Sachs, Citigroup and other financial firms committed about $270 million to their joint stablecoin venture, per Bloomberg citing people familiar with the matter. The funds cover five years of operating costs for the new company, revealed in September; the group includes Santander and Deutsche Bank, with Wells Fargo, Fidelity, MUFG and Standard Bank also involved. The venture, Project Faro, will issue a dollar-denominated stablecoin expected to be incorporated in the U.S., with a euro-denominated token taking priority among other G7 currency pegs.

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