BTC
ETH
SOL
XRP
BNB
DOGE
ADA
AVAX
LINK
TON
DOT
LTC
TRX
POL
USDT
USDC
SUI
HBAR
SHIB
BCH
XLM
NEAR
APT
ARBGoldman Sachs and Citi among 21 banks backing $270m stablecoin venture Project Faro
A consortium of 21 financial institutions has committed about $270m to a joint stablecoin issuer known internally as Project Faro, with a commercial launch targeted for the first half of 2027, Bloomberg reports.
Why it matters: The venture would pit some of the world's largest banks against Tether and Circle in a stablecoin market worth nearly $290bn, with a regulated dollar token planned under the GENIUS Act.
Key points
- The $270m covers five years of operating costs for a new US-incorporated issuer, separate from the 1:1 reserves backing its tokens.
- The group is recruiting a CEO and plans a dollar stablecoin first, with a euro token expected to follow.
The Project Faro funding would cover the first five years of operating expenses for a new US-incorporated issuer, and sits apart from the reserves that would back the tokens on a 1:1 basis. Participants are looking for a chief executive and aim to launch commercially in the first half of 2027, with a dollar-pegged coin first and a euro version expected later.
The effort began in October 2025, when 10 banks started exploring reserve-backed digital currencies on public blockchains. By 1 Sept 2026, participation had grown to 21 institutions, which announced plans for a dedicated company. The venture would enter a stablecoin market worth nearly $290bn, where Tether's USDT and Circle's USDC hold about 85% of supply.
The consortium intends to work within the US GENIUS Act, signed into law on 18 July 2025 and due to take effect in January 2027, and Europe's MiCA framework. It has not disclosed which blockchains it will use, how reserves will be held, or its final ownership structure, and the plans remain subject to closing conditions.
What to watch: The consortium is recruiting a CEO and targeting a commercial launch in the first half of 2027, subject to closing conditions.
Live updates on NewsFeeds:StablecoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of Bitcoin.com News’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.