Twenty-one banks are committing about $270M to Project Faro, a stablecoin issuer targeting a dollar coin in H1 2027 with G7 currency coins to follow. Funding covers five years of operations, and membe

What happened: A consortium of 21 financial institutions committed about $270 million to Project Faro, a stablecoin venture backed by Goldman Sachs, Citigroup and BBVA, aiming to launch a US dollar stablecoin in the first half of 2027. Key numbers: About $270 million committed by 21 institutions. Why it matters: The project plans stablecoins pegged to all G7 currencies, with a euro coin to follow the dollar launch. Several Faro members also participate in rival initiatives such as Open USD and Qivalis, showing banks are spreading bets across multiple projects rather than committing to one. Coverage: 3 outlets in 24h

A consortium of 21 financial institutions committed about $270 million to Project Faro, a stablecoin venture backed by Goldman Sachs, Citigroup and BBVA, aiming to launch a US dollar stablecoin in the first half of 2027.

The project plans stablecoins pegged to all G7 currencies, with a euro coin to follow the dollar launch. Several Faro members also participate in rival initiatives such as Open USD and Qivalis, showing banks are spreading bets across multiple projects rather than committing to one.