Goldman, Citi Among Banks Committing $270M to Fund Joint Stablecoin Issuer for Five Years

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

1. CryptoPotato11hGoldman, 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. Cointelegraph19hGlobal 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. Techmeme23hSources: 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. 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.
5. Crypto Briefing25hGoldman, 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)26hGoldman, 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.