TL;DR
Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank are among institutions committing $270 million to support Project Faro’s planned stablecoin issuer for five years.
The U.S.-incorporated venture plans to launch a dollar-denominated stablecoin in the first half of 2027, with a euro token prioritized afterward.
Project Faro has expanded to 21 institutions and targets wholesale, institutional and retail payments and settlement while remaining pre-launch and searching for a chief executive.
Goldman Sachs and Citigroup are among financial institutions that have committed about $270 million to support a joint stablecoin company for its first five years of operations. People familiar with the matter told Bloomberg that Banco Santander and Deutsche Bank are also participating. The funding commitment moves a bank-backed stablecoin project from exploration toward an operating company. The venture, internally known as Project Faro, is expected to be incorporated in the United States and plans to issue a dollar-denominated stablecoin .
Project Faro Targets a 2027 Dollar Stablecoin Launch
Project Faro is still searching for a chief executive, while its final corporate name remains under discussion. The initiative grew from a group of 10 banks exploring a reserve-backed digital currency in October 2025 to 21 institutions committed to establishing a company in 2026. The expanded consortium plans to bring its first dollar stablecoin to market during the first half of 2027. The latest commitment advances the 21-institution stablecoin issuer that had previously outlined a multi-currency strategy for regulated blockchain-based payments.
The group intends to prioritize a euro-denominated token after the dollar product, with other Group of Seven currencies also within its broader plans. The stablecoins are intended for wholesale, institutional and retail use, including cross-border payments and digital-asset settlement. Project Faro is therefore being designed as shared payment and settlement infrastructure rather than a token limited to crypto trading. The consortium intends to comply with the U.S. GENIUS Act and the European Union’s MiCA framework where applicable, placing regulatory alignment at the center of its planned bank-backed stablecoin model .
Other participants in the broader consortium include Wells Fargo, Fidelity Investments, Lloyds Banking Group and Standard Bank. The initiative expanded to 21 institutions in September, after beginning with 10 banks exploring reserve-backed digital money in 2025. The venture enters a market where established stablecoin issuers already have significant circulation and distribution. The participating institutions, however, bring existing banking relationships, payment infrastructure and international reach to a shared issuer. The $270 million commitment is intended to fund operations for five years, not to represent the stablecoin’s reserve backing or circulating supply. The amount also does not disclose how much each institution is contributing. Project Faro remains pre-launch, with the issuer still being organized and a commercial debut targeted for 2027. Its development adds another institutional path alongside bank-led tokenized payment infrastructure .
