In brief
- Goldman Sachs, Citi, Santander and Deutsche Bank are among banks committing roughly $270 million to a joint dollar-stablecoin venture codenamed “Project Faro.”
- The venture, which still lacks a CEO and a final name, builds on a September announcement by 21 institutions—now including Wells Fargo, Fidelity, UBS and Lloyds.
- It joins a wave of bank stablecoin efforts, though Tether’s USDT and Circle’s USDC still control about 85% of the market.
The group of global banks building a joint stablecoin has put real money on the table, committing around $270 million to fund the venture as it moves from blueprint to buildout.
Goldman Sachs, Citigroup, Banco Santander, and Deutsche Bank are among the institutions backing the…
