Goldman Sachs, Citi, BBVA Commit $270M to Joint US Crypto Stablecoin Project

Goldman Sachs, Citigroup, Banco Santander, and Deutsche Bank have reportedly committed $270 million to a joint US stablecoin venture. The funding involves 21 global financial institutions planning to launch a dollar-backed cryptocurrency in the first half of 2027.

Goldman Sachs and Citi Back $270M Stablecoin Venture

Bloomberg reported on Tuesday that the funding would support approximately five years of operations for the proposed company. The venture, internally known as Project Faro, is expected to be incorporated in the United States.

The participating institutions announced their joint stablecoin initiative in September, when they outlined plans to establish a company. However, the latest funding details were disclosed by people familiar with the private discussions.

The consortium includes Bank of America, Wells Fargo, Fidelity Investments, UBS, and Lloyds Banking Group. Other participants include Capital One, BBVA, and MUFG Bank, bringing together financial institutions from several regions.

Project Faro is also searching for a chief executive officer to lead its operations. Meanwhile, the company has not finalized its public name or disclosed individual funding commitments from participating institutions.

Project Faro Targets US Dollar Stablecoin Launch in 2027

The consortium aims to launch its first USD-backed stablecoin in the first half of 2027. It will initially focus on cross-border payments and digital asset settlements in institutional, wholesale and retail markets.

Previously, the participating banks confirmed plans to broaden into other big currencies following the launch of the dollar-backed token. The group’s next focus is on a stablecoin that will be denominated in euros, although no official launch date has been announced.

The project was launched in October 2025 when 10 international banks started considering digital money that is backed in a one-to-one manner with reserves. Later, membership grew to 19 institutions as plans for blockchain payment services were developed.Later on, the number of institutions accessing the group increased to 21.

Banking Consortium Plans to Compete With Tether and Circle

Project Faro joins a stablecoin market that is now led by Tether’s USDT and Circle’s USDC. According to the report, the two cryptocurrencies together make up about 85% of the total market of about $290 billion, as per DefiLlama data.

The development follows Wells Fargo’s preparations for stablecoin services. The bank has also created tokenized deposit facilities that enable “continuous payments” for corporate and commercial clients.

The consortium plans to conform to the US GENIUS Act and the Europe’s Markets in Crypto-Assets, if applicable. The participating institutions, however, have not announced approval by the regulators, a final token name, or the blockchain where it will be issued.