A consortium of 21 financial firms has committed approximately $270 million to a joint stablecoin venture. The funding is intended to cover the first five years of operations for the U.S.-based issuer, which is operating under the codename Project Faro.
First detailed in September, the initiative aims to challenge crypto-native stablecoin leaders Tether and Circle. The venture plans to launch commercially in the first half of 2027. It will initially issue a U.S. dollar-pegged token, then expand to other G7 currencies, with the euro a priority.
Participants include Goldman Sachs, Citigroup, Banco Santander, Deutsche Bank, Wells Fargo, Fidelity Investments, UBS, and Lloyds Banking Group.