Global banks commit $270M to stablecoin venture targeting 2027 launch
A consortium of 21 financial institutions has committed about $270 million to Project Faro, a planned stablecoin issuer. It aims to launch a U.S. dollar-pegged coin in the first half of 2027, followed by stablecoins pegged to other G7 currencies. Members include Citigroup, Goldman Sachs, Santander, Deutsche Bank and BBVA. Several banks also participate in competing initiatives, including Open USD and euro-focused Qivalis, reflecting institutions’ interest in multiple stablecoin models. Faro would enter a market dominated by Tether’s USDT and Circle’s USDC, which together represent about 85% of a roughly $290 billion market. Its members’ existing customer and payment networks may help distribution, but the project will need to turn those relationships into a competitive onchain payments network.
