Goldman Sachs and Citi help raise $270 million for stablecoin project

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Goldman Sachs, Citi, Santander and Deutsche Bank have reportedly committed about $270 million in financing for a joint stablecoin project, with the funds set to support the new company’s operations for five years. The project, named Project Faro, plans to launch a US dollar stablecoin in the first half of 2027 and is considering issuing stablecoins pegged to other currencies in the future, starting with the euro.