Banks Commit $270 Million to Project Faro Stablecoin

A 21-institution banking consortium has committed about $270 million to Project Faro, a planned U.S.-incorporated company that would issue a dollar stablecoin, according to reports citing people familiar with the matter. The funding is intended to cover five years of operations. Goldman Sachs, Citigroup, Santander and Deutsche Bank are among the institutions backing the venture.

The consortium has targeted the first half of 2027 for the stablecoin’s launch. Its September announcement said the members planned to establish the company in the second half of 2026, subject to closing conditions. That timetable describes a planned step; the reports do not establish that the company has been incorporated.

Project Faro is still seeking a chief executive, and its final company name remains under discussion, according to reports citing people familiar with the project. No individual funding amounts or ownership shares were identified. The consortium has not announced regulatory approval or an issuing license for the proposed venture.

The consortium said its planned stablecoin is intended for wholesale, institutional and retail markets, including cross-border payments and digital-asset...