Citi and Goldman Join $270 Million Stablecoin Venture

WHO:

Cointelegraph - BBVA is among the banks backing Project Faro.

Techmeme - A 21-bank consortium includes Citigroup, Goldman Sachs, Banco Santander and Deutsche Bank.

Bloomberg Markets - The financial firms named include Goldman Sachs Group Inc., Citigroup Inc., Banco Santander SA and Deutsche Bank AG; the funding details were provided by people familiar with the matter.

WHAT:

Cointelegraph - Project Faro is targeting the launch of a US dollar stablecoin.

Techmeme - The consortium committed around $270 million to fund a stablecoin venture.

Bloomberg Markets - The financial firms committed around $270 million in funding toward a joint stablecoin venture.

WHEN:

Cointelegraph - The stablecoin is targeted to launch in the first half of 2027.

Techmeme - The venture was announced in September and is to receive five years of funding.

HOW:

Techmeme - Funding is being provided by a consortium of 21 banks over five years.

(UPDATED November 11, 2026 00:04 UTC)

Twenty-one banks, including Citigroup and Goldman Sachs, are backing a stablecoin venture. They committed around $270 million to develop a dollar-pegged digital currency. Project Faro targets launch in the first half of 2027, with funding spanning five years.

--

(UPDATED November 10, 2026 20:06 UTC)

Twenty-one banks, including Goldman Sachs, Citigroup, Santander, and Deutsche Bank, committed $270 million. The funding will support a joint stablecoin venture announced in September. The consortium plans to provide funding over five years.