Banks Commit $270 Million to Stablecoin Venture: Report

First reported by Bloomberg at Tue 10:12 AM · 6 outlets in all

1. Cointelegraph16hGlobal banks commit $270M to stablecoin venture targeting 2027 launchProject Faro, backed by Goldman Sachs, Citigroup and BBVA, has secured $270 million in funding to launch a US dollar stablecoin in the first half of 2027.
2. Techmeme20hSources: Citigroup, Goldman Sachs, and others in a 21-bank consortium have committed ~$270M to fund five years of a stablecoin venture announced in September (Bloomberg)
3. The Defiant22hBanks Commit $270 Million to Stablecoin Venture: ReportThe reported funding would cover five years of operations for the issuer, whose consortium has targeted a first-half 2027 dollar stablecoin launch.
4. CoinDesk22hGoldman Sachs, Citi among banks said to commit $270 million to stablecoin ventureThe venture, known as Project Faro, plans to issue a dollar-denominated stablecoin and is expected to be incorporated in the U.S.
5. Crypto Briefing22hGoldman, Citi join $270 million push for bank-backed stablecoin: ReportMajor banks' investment in a stablecoin venture signals a shift towards integrating traditional finance with digital currency innovations.
6. Bloomberg(subscription required)23hGoldman, Citi Among Banks in $270 Million Stablecoin BackingA group of financial firms including Goldman Sachs Group Inc., Citigroup Inc., Banco Santander SA and Deutsche Bank AG have committed around $270 million in funding toward a joint stablecoin venture, according to people familiar with the matter.