A group of 21 global banks and financial institutions has committed about $270 million to fund a stablecoin issuer known internally as Project Faro. The information was reported by Bloomberg on Tuesday, November 10, 2026, citing people familiar with the matter — the banks named declined to comment on the figures.
The money is meant to cover the new company's first five years of operations. The company will be incorporated in the United States and will issue a dollar-denominated stablecoin, with a launch targeted for the first half of 2027. The amount does not represent the reserves that will back the tokens: those will be held separately, at 1-to-1 parity in eligible assets. After the dollar, the plan calls for stablecoins in other G7 currencies, starting with the euro.
Who is behind it
Participants named by Bloomberg include Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank, as well as Bank of America, Wells Fargo, Fidelity Investments, PNC, Capital One, TD Bank, UBS, BBVA, Lloyds and MUFG, among others. The group had already announced on September 1, 2026, its intention to form the company in the second half of 2026, subject to closing conditions. The company is still searching for a chief executive and has not even settled on its final name — “Project Faro” is only the internal codename.
The target: Tether and Circle
The move takes direct aim at the sector's leaders. The stablecoin market is worth nearly $290 billion, and Tether (USDT) and Circle (USDC) together account for about 85% of the supply in circulation. The consortium is betting on regulatory compliance as its differentiator: the stated intention is to operate under the GENIUS Act, the first U.S. federal law for stablecoins, signed on July 18, 2025, and under Europe's MiCA regime where applicable. Planned uses include cross-border payments and digital-asset settlement for institutional, wholesale and retail customers.
There is a nuance, though: not every member is betting on a single horse. BBVA and Rabobank, for example, also back rival initiatives — and Qivalis, another bank stablecoin, received authorization from the Dutch central bank as an electronic money institution in October 2026. The traditional banks' race for stablecoins is only just beginning, and Project Faro still has to become real.
Image credit: Goldman Sachs global headquarters in New York, photo by Quantumquark, via Wikimedia Commons (CC BY-SA 3.0).
Sources
- Decrypt — Goldman, Citi and Global Banks Commit $270 Million to Challenge Crypto's Stablecoin Giants
- PYMNTS — Goldman and Citi Help Fund $270 Million Stablecoin Venture
- Bitcoin.com News — Wall Street Banks Commit $270M to Stablecoin Challenger Project Faro: Bloomberg
- Bitcoin Insider — Global Banks Reportedly Commit $270 Million to Their Planned Dollar Stablecoin Issuer
Transparency: this article was produced with the help of artificial intelligence, cross-checked against public posts on X and sources on the internet. The information was verified in more than one independent source. Please consult the original sources to confirm the details.
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