Banks including Goldman and Citi commit about $270 million to Project Faro, a joint dollar stablecoin set to enter a market Tether and Circle dominate

Goldman Sachs, Citigroup, Banco Santander, Deutsche Bank and other banks have committed about $270 million to a joint US dollar stablecoin venture codenamed Project Faro, Bloomberg reported on Tuesday, citing people familiar with the matter. According to the report, as relayed by Decrypt and Cointelegraph, the money is meant to cover five years of operations for a planned issuer incorporated in the United States. A project spokesperson declined to comment, Decrypt reported, as did Santander and Deutsche Bank.

The venture grows out of a plan announced on September 1 by 21 financial institutions, among them Bank of America, Wells Fargo, Fidelity Investments, PNC, UBS, BBVA and MUFG Bank. That announcement said the group aims to bring a dollar stablecoin to market in the first half of 2027, with a euro coin as a priority among other G7 currencies, and to comply with the US GENIUS Act and the EU's MiCA rules where they apply.

Decrypt reported that the venture has no chief executive yet and that its final name is still under discussion. No token has been issued. The banks would be entering a market of about $290 billion in which Tether's USDT and Circle's USDC together hold about 85%, according to Decrypt. The next markers to watch are a chief executive, a final name and the launch itself.