Banking consortium backs Project Faro stablecoin financing
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AI-assisted source synthesis · not an independent investigation.
On November 11, 2026, PYMNTS reported that Goldman Sachs, Citi, Santander, and Deutsche Bank had reportedly committed approximately $270 million in financing for the joint stablecoin project Project Faro. The funds will support the new company's operations for five years. The project plans to launch a U.S. dollar stablecoin in the first half of 2027 and is considering issuing stablecoins pegged to other currencies in the future, with the euro as the first under consideration. Existing reports have not provided other terms of the financing commitment or any subsequent project developments.
AI-written from reports · updated 3 hours ago
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- PYMNTSGoldman Sachs and Citi help raise $270 million for stablecoin project
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.
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