Goldman Sachs, Citigroup, Santander, and Deutsche Bank are among the financial institutions backing a new stablecoin venture with a $270 million funding commitment. The investment, reported by Bloomberg News, is intended to support five years of operations for a company that will issue a dollar-denominated stablecoin. This initiative, known as Project Faro, was first revealed earlier this year by a consortium of 21 banks and is expected to be incorporated in the United States.
The funding advances the project's goal of launching the stablecoin in the first half of 2027. The venture also plans to eventually issue stablecoins pegged to other currencies, starting with the euro. The banks involved have not commented on the report, and the company's final name is still under discussion.
This collaboration is part of a broader trend where traditional banks are competing with crypto-native companies in the stablecoin space. Other notable projects include Open Standard, supported by over 100 companies including Visa, Mastercard, and Stripe, and Qivalis, a euro-denominated token initiative launched by dozens of European banks.
Additionally, stablecoins are increasingly being integrated into corporate banking. Recent developments include PNC Bank's expanded partnership with Coinbase and Anchorage Digital's collaboration with Lydian, highlighting the growing intersection between traditional banking and cryptocurrency infrastructure.