A group of major global banks has committed $270 million to develop a new stablecoin venture aimed at the growing digital payments market. Goldman Sachs, Citigroup, Banco Santander, and Deutsche Bank are among the institutions backing the initiative.
According to Bloomberg, the funding will support five years of operations for a planned U.S.-based issuer. The project, internally known as Project Faro, targets a commercial launch in the first half of 2027.
The consortium wants to challenge established stablecoin issuers, particularly Tether and Circle. Those companies control approximately 85% of the $290 billion stablecoin market. Traditional lenders see an opportunity to compete through established banking relationships and institutional infrastructure. The group also plans to appoint a chief executive to oversee the venture.
