21 Banks Commit $270 Million to Project Faro Stablecoin Plan

A consortium of 21 financial institutions known as Project Faro has committed about $270 million to fund a planned stablecoin issuer’s operations for five years, according to people familiar with the project. The group is targeting a U.S. dollar stablecoin launch in the first half of 2027.

Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank are among the participants. The reported commitment is operating capital, not the reserves that would back the stablecoins. The institutions have not disclosed individual contributions, and the consortium’s September announcement did not include a funding figure.

Project Faro plans to prioritize a euro-denominated token after the dollar product. The group has described wholesale, institutional and retail payments, including cross-border payments and digital-asset settlement, as intended uses. It has not announced a launch date for the euro token.

The venture remains in development. Reports citing people familiar with the matter say it is still searching for a chief executive and has not settled on its final company name. The consortium’s earlier plans called for establishing a company in the United States in the second half of 2026,...