TLDR
- A group of banks has committed about $270 million to Project Faro, a joint stablecoin company.
- The money is meant to cover five years of operating costs.
- Faro plans to launch a US dollar stablecoin in the first half of 2027.
- Several members also take part in rival projects such as Open USD and Qivalis.
- Qivalis received Dutch central bank authorization in October 2026.
Goldman Sachs, Citigroup and other large financial firms have committed about $270 million to a joint stablecoin company called Project Faro. Bloomberg reported the news on Tuesday, citing people familiar with the matter.
Goldman Sachs, Citi and Other Banks Commit $270M to Joint Stablecoin Venture
According to Bloomberg, a group of financial institutions, including Goldman Sachs, Citigroup, Santander and Deutsche Bank, have committed approximately $270 million to Project Faro, a joint stablecoin… pic.twitter.com/EW1uSjdDny
— Wu Blockchain (@WuBlockchain) November 10, 2026
The money is meant to pay for five years of running costs at the new company. The group first revealed the plan in September.
Who Is Backing Project Faro
One report says 21 financial institutions are part of the group. Members named in the reports include Goldman Sachs, Citigroup, Santander, Deutsche Bank and BBVA.
Wells Fargo, Fidelity, MUFG and Standard Bank are also involved. Dutch lender Rabobank is listed as a member too.
Faro plans to issue a stablecoin tied to the US dollar. People familiar with the matter said the company is expected to be set up in the United States.
One report said the launch is planned for the first half of 2027. Details about the project remain limited so far.
Stablecoins are digital tokens that track the value of another asset. Most of the time, that asset is a national currency such as the dollar.
Faro also wants to create stablecoins linked to the currencies of other G7 countries. A euro-based coin is expected to come first after the dollar token.
Some banks in the group were part of the earlier talks. Ten banks first explored the idea in October 2025. BNP Paribas was one of them, and it later joined Qivalis.
The banks that took part in the Faro funding did not immediately reply to CoinDesk’s request for comment.
Overlap With Rival Stablecoin Groups
Faro is not the only bank-linked stablecoin effort. Open USD was formed in June by more than 140 companies. Its members include Stripe, Visa, Mastercard and BlackRock.
Qivalis is a European bank group that wants to challenge dollar-based stablecoins. It added 25 banks in May, which brought its total to 37 members.
Several Faro members also sit in these other groups. BBVA is part of Open USD and Qivalis. Rabobank joined Qivalis in May.
This means some banks are taking part in more than one project at the same time. They are not tied to a single stablecoin plan.
Qivalis has made progress with regulators. The Dutch central bank approved it as an electronic money institution in October 2026.
The group is now preparing a fully regulated, euro-based stablecoin. It plans to offer the token for payments, cross-border settlements and tokenized asset deals.
Project Faro has not yet shared a launch date beyond the first half of 2027. The $270 million commitment was reported on November 10, 2026.
