A group of major financial institutions, including Goldman Sachs, Citigroup, Santander, and Deutsche Bank, has pledged approximately $270 million to a new stablecoin venture. The project, currently referred to as Project Faro, aims to launch a dollar-pegged stablecoin.
The funding is intended to cover five years of operational expenses for the company. The venture will be headquartered in the United States. Currently, the organization is in the process of searching for a chief executive officer and has not yet finalized its official name.
The consortium plans to bring the stablecoin to market by 2027. This initiative represents a significant collaborative effort by traditional banking giants to enter the stablecoin sector through a jointly owned entity.
