Funding
Global Banks Commit $270 Million to Stablecoin Project
A group of global banks, including Goldman Sachs, Citigroup, Banco Santander, and Deutsche Bank, have committed $270 million to fund a U.S.-incorporated stablecoin issuer project known as Project Faro. The capital is intended to cover five years of operations for the planned stablecoin, which will be issued in the U.S. dollar denomination. The project is still searching for a CEO and its final name remains under discussion.