Goldman, Citi and Global Banks Commit $270 Million to Challenge Crypto’s Stablecoin Giants
Summary
A consortium of 21 major banks has committed about $270 million to fund five years of operations for a planned U.S.-based company issuing a dollar stablecoin. Known as Project Faro, the venture is still seeking a CEO and has not finalized its name; it targets launch in the first half of 2027, with euro and other currency versions potentially following. The token is intended to meet U.S. GENIUS Act requirements and, where relevant, EU MiCA rules. The move brings established financial institutions into a market dominated by Tether’s USDT and Circle’s USDC, which together account for about 85% of a roughly $290 billion stablecoin market. The consortium aims to compete in institutional, wholesale and retail payments.
