Goldman, Citi and Other Banks Reportedly Fund $270 Million Stablecoin Initiative
By Unchained
AI summary of the source article
A stablecoin initiative backed by 21 financial firms has secured around $270 million in commitments from banks including Goldman Sachs and Citigroup. Codenamed Project Faro, the venture plans to launch a U.S. dollar-pegged token in 2027.
Why it matters
The funding is meant to pay for the planned issuer’s first five years
Key facts
- Goldman Sachs, Citigroup, Banco Santander, and Deutsche Bank are among banks committing roughly $270 million to a stablecoin venture codenamed Project Faro.
- The backers plan to incorporate the planned issuer in the U.S. and are seeking a chief executive.
- The group targets launching a U.S. dollar-pegged token in the first half of 2027, with longer-term goals to expand to other G7 currencies.
Source excerpt · Unchained
The backers of Project Faro, the 21-firm group's planned U.S. issuer, are still hunting for a chief executive, according to a report. The group aims to go to market in 2027. The post Goldman, Citi and Other Banks Reportedly Fund $270 Million Stablecoin Initiative appeared first on Unchained .