Update
Goldman Sachs and Other Banks Invest in Project Faro Stablecoin Initiative
Goldman Sachs, Citigroup, Banco Santander, and Deutsche Bank have committed approximately $270 million to a joint stablecoin initiative called Project Faro. The project, which began with ten banks in October 2025, has expanded to 21 institutions and plans to launch a dollar-denominated stablecoin in the first half of 2027, with a euro version to follow. Competing projects include Bank of America's tokenized deposit network and a euro project by Qivalis, as new entrants face challenges against established stablecoins like Tether and Circle.