Key facts
- Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank are among banks backing the venture, Bloomberg reported, citing people familiar with the matter.
- The roughly $270 million is meant to cover five years of operations for a planned US-incorporated stablecoin issuer.
- The venture, known among participants as Project Faro, has no chief executive and no final name.
- The project spokesperson, Santander and Deutsche Bank declined to comment; Goldman and Citi referred questions to the project.
- Tether's USDT and Circle's USDC together account for about 85% of a stablecoin market worth roughly $290 billion.
Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank are among banks committing around $270 million to a joint dollar-stablecoin venture known among participants as Project Faro, Bloomberg reported on November 10, 2026, citing people familiar with the matter. The capital is intended to cover five years of operations for a planned US-incorporated company that would issue a dollar-denominated stablecoin.
The venture is still searching for a chief executive and its final name remains under discussion. A spokesperson for the project declined to comment, as did Santander and Deutsche Bank, while Goldman and Citi referred questions to the project.
The funding follows a September announcement in which 21 financial institutions committed to form a company to issue a US dollar stablecoin, targeting a launch in the first half of 2027, with a euro version and other currencies to follow. That consortium had more than doubled from an initial group of 10 banks that began exploring the idea in October 2025, and spans North America, Europe, East Asia, the Middle East and Africa.
Beyond the four named by Bloomberg, participants include Bank of America, Wells Fargo, Fidelity Investments, PNC, Capital One, TD Bank, UBS, BBVA, Lloyds Banking Group and MUFG, among others. JPMorgan is not on the list.
The token is being designed to comply with the US GENIUS Act, which created the first federal framework for dollar-pegged tokens in 2025, and, where applicable, the EU's MiCA regime. The group has said it wants the stablecoin used across wholesale, institutional and retail markets.