Goldman Sachs, Citi and Other Banks Commit & #036;270M to Joint Stablecoin Venture According to Bloomberg, a group of financial institutions, including Goldman Sachs, Citigroup, Santander and Deutsche Bank, committed about $270 million to Project Faro, a joint stablecoin venture. The funding is intended to cover five years of activity. The project, which includes 21 financial institutions, plans to establish a US-based company to issue a dollar-denominated stablecoin in the first half of 2027, with a eurozone stablecoin expected to follow. Other participants include Wells Fargo, Fidelity, UBS and Lloles Banking Group. The initiative aims to compete with established issuers Tether and Circle, whose stable account accounts for about 85% of the global market. link

Goldman Sachs, Citi and Other Banks Commit & #036;270M to Joint Stablecoin Venture According to Bloomberg, a group of financial institutions, including Goldman Sachs, Citigroup, Santander and Deutsche Bank, committed about $270 million to Project Faro, a joint stablecoin venture. The funding is intended to cover five years of activity. The project, which includes 21 financial institutions, plans to establish a US-based company to issue a dollar-denominated stablecoin in the first half of 2027, with a eurozone stablecoin expected to follow. Other participants include Wells Fargo, Fidelity, UBS and Lloles Banking Group. The initiative aims to compete with established issuers Tether and Circle, whose stable account accounts for about 85% of the global market. link