Goldman Sachs, Citi and other major banks commit $270 million to Project Faro, a joint venture developing dollar and euro stablecoins

Goldman Sachs, Citigroup, Santander, Deutsche Bank, Wells Fargo, Fidelity, MUFG and Standard Bank committed roughly $270 million to cover five years of operating costs for Project Faro, Bloomberg reported, citing people familiar with the matter. The venture, revealed in September, plans to issue a dollar-denominated stablecoin, expects U.S. incorporation, and aims to develop tokens pegged to other G7 currencies, prioritizing a euro-denominated token. The article notes stablecoins are at the forefront of institutional crypto adoption, with over 140 companies, including Stripe, Visa, Mastercard and BlackRock, joining to develop the Open USD stablecoin in June. The participating banks did not immediately respond to CoinDesk's request for comment.

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