Funding
Goldman Sachs, Citi Back $270M Stablecoin Project
Goldman Sachs, Citigroup, Banco Santander, and Deutsche Bank have committed $270 million to develop a new stablecoin venture targeting the digital payments market. The project, known internally as Project Faro, aims for a commercial launch in the first half of 2027 and intends to challenge established stablecoin issuers such as Tether and Circle. The consortium plans to appoint a chief executive to oversee development and operations, with an initial product tracking the US dollar and expanding into other G7 currencies. The project reflects growing interest in regulated digital payment systems and has expanded from 10 founding lenders to 21 international institutions.