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Goldman Sachs, Citigroup, and other global financial institutions have reportedly committed about USD 270 million to Project Faro, a joint venture planning a US dollar-backed stablecoin. Bloomberg reported the funding on November 10, citing people familiar with the matter. The 21-member group aims to launch its first token in the first half of 2027.
The money will cover five years of operating costs for a planned US-incorporated company. It will not serve as the reserves backing tokens in circulation. The venture also plans stablecoins tied to other G7 currencies, with a euro token next on its agenda.
Goldman Sachs, Citigroup, Banco Santander, and Deutsche Bank are among the firms supporting the venture. Wells Fargo, Fidelity Investments, MUFG Bank, and Standard Bank also participate. Bloomberg described the USD 270 million commitment as funding for the new issuer's operations.
The group has not disclosed each institution's contribution or the ownership breakdown. It is searching for a chief executive, while the company has yet to receive a final name. Project Faro remains its internal name.
The latest effort follows an October 2025 initiative, when ten international banks began exploring digital money with one-to-one reserve backing. The proposed tokens would operate on public blockchains. By September 2026, the initiative had expanded to 21 financial institutions and announced plans for a separate company.
Other participants include Bank of America, Capital One, PNC Financial Services, UBS and Lloyds Banking Group. BBVA, Commerzbank, Crédit Agricole, Rabobank, TD Bank and Scotiabank also joined. WisdomTree and Sirius International Holding complete the reported list alongside the institutions already named.
Project Faro plans to serve institutional, wholesale, and retail markets. Its proposed dollar token would support cross-border payments and digital asset settlements. Participating firms bring existing payment networks and customer relationships to the project.
The consortium also intends to use its compliance infrastructure as it develops the new issuer. Its first planned token will track the US dollar, and a euro-denominated stablecoin is the next priority. Other G7 currency tokens could follow.
Several important details remain open. The consortium has not announced a token ticker, blockchain network, or reserve custodian. It has also not confirmed a final commercial launch date beyond the targeted first half of 2027.
The participating banks did not immediately respond to CoinDesk's request for comment. For now, the reported funding covers the company's planned operations rather than token issuance or the value of its future reserves.
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The project would enter a stablecoin market where Tether and Circle hold a large share. Based on DeFiLlama’s data, their USDT and USDC tokens together represent nearly 84% of the USD 293 billion dollar-pegged stablecoin market.
As of November 10, Tether's USDT had about USD 176 billion in circulation. Circle's USDC accounted for about USD 70 billion. These balances show the scale of the existing issuers as banks prepare a competing product. Its planned services focus on payments and settlements for institutions and other clients.
The launch would also bring a new bank-backed option to businesses using the group's treasury and international payment services. Stablecoins track the value of traditional assets, most often national currencies. They have become a focus for financial institutions exploring blockchain payments.
Separately, more than 140 companies joined an Open USD stablecoin initiative in June, including Stripe, Visa, Mastercard and BlackRock.
Project Faro's 21 financial institutions have reportedly committed about USD 270 million toward five years of operating costs. The venture aims to launch a US dollar-backed stablecoin in early 2027 before pursuing a euro token. Its planned entry would add a bank-led issuer to a market dominated by Tether and Circle.