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Goldman Sachs and Citigroup Lead 21-Bank $270 Million Stablecoin Venture for 2027 Launch
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21-bank consortium led by Goldman Sachs and Citigroup commits $270 million for a dollar stablecoin. Launch targeted for first half of 2027.
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Project Faro Funding
A group of 21 financial institutions led by Goldman Sachs Group Inc. and Citigroup Inc. committed roughly $270 million to bankroll a new U.S.-chartered stablecoin issuer operating internally under the codename Project Faro.
The consortium aimed for a commercial launch in the first half of 2027, and the capital was meant to cover the venture's first five years of operations.
Bloomberg reported that the consortium was searching for a chief executive to run the business, while the initial product was described as a dollar-pegged token.
The consortium said it planned to move into other G7 currencies afterward, starting with a euro offering, and it targeted wholesale, institutional and retail users.
The initiative was framed around compliance with the U.S. GENIUS Act and Europe's MiCA rules, with the token designed for cross-border payments and digital asset settlement.
Challenging USDT and USDC
The bank-backed effort targeted a market where Tether's USDT and Circle Internet Group Inc.'s USDC accounted for about 85% of circulation in a stablecoin market valued at roughly $290 billion.
Tether's USDT and Circle's USDC accounted for approximately 85% of the roughly $290 billion stablecoin market as of Nov. 10, and it cited USDT market capitalization of approximately $176.3 billion and USDC at around $70.4 billion.
The venture was still searching for a chief executive and a final name, even as it described the $270 million commitment as a concrete next step.
The consortium intended to issue a dollar-denominated stablecoin first, with a euro version and other currencies to follow, while the group planned to use the stablecoin across wholesale, institutional and retail markets.
The consortium planned to challenge established stablecoin issuers by converting balance sheets and client networks into transaction volume, rather than relying on crypto-native issuers.
Regulatory and Market Reach
The consortium described its token design as aligned with the U.S. GENIUS Act and, where applicable, the EU's MiCA regime, while it planned to serve wholesale, institutional and retail markets.
The consortium's footprint spanned North America, Europe, East Asia, the Middle East and Africa, and it listed participating lenders including Banco Santander, Deutsche Bank, Wells Fargo, Fidelity Investments, UBS and Lloyds Banking Group.
The funding would support five years of operations for the planned US-based issuer, and it described the project as internally known as Project Faro.
The group first announced the initiative in September and people familiar with the matter said the company was expected to be incorporated in the US.
The token was being designed to comply with the U.S. GENIUS Act, which created the first federal framework for dollar-pegged tokens in 2025, and it said the group wanted the stablecoin used across wholesale, institutional and retail markets.