Banks commit $270 million to joint stablecoin venture

A group of financial firms including Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank has committed around $270 million to fund a joint US dollar stablecoin venture for five years, Bloomberg reported, advancing the 21-institution plan announced in September toward a first token in the first half of 2027.

Why it matters: The funding turns the bank consortium's September announcement into a staffed company with a five year runway, the largest coordinated attempt yet by incumbent banks to issue a dollar token themselves rather than distribute Tether's or Circle's.

Data as of Bloomberg report of November 10, 2026, read in full via its KuCoin republication in this run. The $270 million commitment, the five year funding period and the Project Faro name rest on unnamed people familiar with the matter; Goldman Sachs, Citigroup, Santander and Deutsche Bank all declined to comment, so the item ships at grade C. Developing item.

A group of financial firms including Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank has committed around $270 million toward a joint stablecoin venture, according to people familiar with the matter cited by Bloomberg. The money is intended to finance the new company’s operations for five years; the company, called Project Faro among participants, will issue a dollar denominated stablecoin, is expected to incorporate in the United States, and is still searching for a chief executive. The commitment advances the plan a group of 21 institutions outlined in September to introduce a stablecoin in the first half of 2027, with tokens linked to other currencies, beginning with the euro, to follow.

Banks commit $270 million to joint stablecoin venture

Sources