Goldman, Citi and Global Banks Commit $270 Million to Challenge Crypto’s Stablecoin Giants

In brief

• Goldman Sachs, Citi, Santander and Deutsche Bank are among banks committing roughly $270 million to a joint dollar-stablecoin venture codenamed “Project Faro.”
• The venture, which still lacks a CEO and a final name, builds on a September announcement by 21 institutions—now including Wells Fargo, Fidelity, UBS and Lloyds.
• It joins a wave of bank stablecoin efforts, though Tether’s USDT and Circle’s USDC still control about 85% of the market.

The group of global banks building a joint stablecoin has put real money on the table, committing around $270 million to fund the venture as it moves from blueprint to buildout.

Goldman Sachs, Citigroup, Banco Santander, and Deutsche Bank are among the institutions backing the effort, Bloomberg reported Tuesday, citing people familiar with the matter.

The capital is meant to cover five years of operations for a planned U.S.-incorporated company that will issue a dollar-denominated stablecoin. Known among participants as Project Faro, the venture is still searching for a chief executive, and its final name remains under discussion.

A spokesperson for the project declined to comment, as did Santander and Deutsche Bank, while Goldman and Citi referred questions to the project.