Banks in Project Faro, including Goldman Sachs, Citigroup, Santander and Deutsche Bank, have committed about $270 million to cover five years of operating costs for their joint stablecoin company, Bloomberg reported on November 10, 2026, citing people familiar with the matter. The planned US-incorporated issuer will launch a dollar stablecoin first, with tokens tied to other G7 currencies to follow, starting with the euro.
Why it matters: The consortium of 21 institutions announced in September targets a launch in the first half of 2027 and still has no chief executive or final name, Decrypt reported. Tether’s USDT and Circle’s USDC hold about 85% of a stablecoin market worth roughly $290 billion, according to Decrypt, so the bank-owned issuer would enter a market led by two crypto-native firms.
Source: Bloomberg, November 10, 2026; CoinDesk, November 10, 2026; Decrypt, November 10, 2026
Related: PNC Bank pilots incoming USDC payments for corporate clients with Coinbase · Visa adds Monad to its stablecoin settlement program
