Global banks commit $270M to stablecoin venture targeting 2027 launch

First reported by CoinDesk at Tue 11:32 AM · 5 outlets in all

1. CryptoPotato10hGoldman, Citi Among Banks Committing $270M to Fund Joint Stablecoin Issuer for Five YearsGoldman Sachs and Citigroup are among the banks that have committed about $270 million to a joint stablecoin company, Bloomberg reported on Tuesday. Banco Santander and Deutsche Bank have also joined, according to people familiar with the matter. That money is meant to cover five years of operations at the new company, which will issue
2. Cointelegraph18hGlobal 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.
3. Techmeme22hSources: 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)
4. The Defiant24hBanks 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.
5. CoinDesk24hGoldman 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.