3 publishers · first seen Tue, 10 Nov 2026 00:00 UTC · updated Thu, 12 Nov 2026 09:44 UTC
A consortium of 21 financial institutions, including Citigroup, Goldman Sachs, Banco Santander, and Deutsche Bank, has committed about $270 million to Project Faro, a stablecoin initiative aiming to launch a US dollar-denominated stablecoin in the first half of 2027. The funding is intended to cover five years of operations for the new company, which plans to issue stablecoins pegged to the currencies of all G7 countries, with a euro-backed coin expected to follow the dollar launch. The project, initially announced in September, is expected to be incorporated in the US. Despite the growing institutional interest, Project Faro is entering a market dominated by two crypto-native issuers, Tether and Circle, which account for approximately 85% of the roughly $290 billion stablecoin market.
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