Goldman Sachs, Citi, and Other Financial Institutions Plan to Contribute $270 Million to Support Joint Stablecoin Project, with Launch Targeted for H1 2027

Odaily Report: According to people familiar with the matter, multiple financial institutions including Goldman Sachs, Citi, Santander, and Deutsche Bank have committed approximately $270 million in funding to the joint stablecoin project Project Faro to support the new company's operations over the next five years. The company is expected to be incorporated in the United States and will be responsible for issuing a U.S. dollar stablecoin. It is currently looking for a chief executive officer, and the final company name has not yet been determined.

Project Faro plans to launch its U.S. dollar stablecoin in the first half of 2027, and will later expand to other fiat currencies, with a euro stablecoin being the first consideration. The project's participating institutions have now expanded to 21, including Wells Fargo, Fidelity Investments, UBS Group, and Lloyds Banking Group. (Bloomberg)