Goldman Sachs, Citigroup, Santander and Deutsche Bank are among a group of financial firms that have committed roughly $270 million to a jointly owned stablecoin venture, Bloomberg reported on Tuesday, citing people familiar with the matter.

The capital is expected to support approximately five years of operations at the company, which will be based in the United States and issue a stablecoin pegged to the US dollar.

If confirmed, the arrangement would put some of the largest banking groups in the United States and Europe directly into the stablecoin issuance business — a market currently led by crypto-native issuers Tether and Circle — underscoring the growing overlap between traditional banking and blockchain-based payment rails.

The initiative, known among participants as Project Faro, is working toward bringing its dollar-pegged token closer to market introduction by 2027. The venture has yet to choose an official name and is currently searching for a chief executive.

Background

Stablecoins are blockchain-based tokens designed to maintain a stable value against fiat currencies, most commonly the US dollar, and are widely used in crypto trading, settlement and payments. The sector is led by Tether's USDT and Circle's USDC, which together account for the majority of circulating stablecoin supply.

In the United States, regulatory clarity for the asset class advanced in July 2025 with the signing of the GENIUS Act, the first federal framework for payment stablecoins. Since then, a number of major banks and financial institutions have announced or explored stablecoin initiatives of their own. Project Faro fits within that pattern, combining several global lenders in a single jointly owned issuer rather than separate initiatives by individual banks.

The next signposts for the project are the appointment of a chief executive, a decision on its official name and progress toward its 2027 market introduction target.

This is a developing story.

Source: CryptoBriefing