TLDR
- Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank are among 21 firms backing Project Faro.
- The group has committed about $270 million to cover roughly five years of operating costs.
- A US dollar stablecoin is planned for the first half of 2027, with a euro token next.
- The venture is still searching for a CEO and has not picked a token name or blockchain.
- Tether’s USDT and Circle’s USDC hold about 85% of the $290 billion stablecoin market.
Project Faro, a stablecoin venture backed by 21 global financial institutions, has funding in place for about five years of operations. It still has no chief executive.
Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank are among the firms that have committed around $270 million to the project, Bloomberg reported on Tuesday. The funding details came from people familiar with private talks.
The banks have not disclosed how much each member has committed. The money is meant to cover operating costs while the group prepares to launch a US dollar stablecoin in the first half of 2027.
The consortium plans to operate globally. Its backers say the tokens could benefit clients by offering a trusted form of digital money.
From 10 Banks to 21 Members
The project began in October 2025, when 10 international banks said they were exploring a new form of digital money. The plan was a token backed one-to-one by reserves and available on public blockchains.
That first group included Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank, TD Bank and UBS. Membership later grew to 19 institutions as the payment plans developed.
In September, the group said it would set up a company by the end of the year. Barclays and BNP Paribas were not part of that update, while Lloyds and BBVA had joined.
The group now counts 21 members. Bank of America, Wells Fargo, Fidelity Investments, UBS, Lloyds Banking Group, Capital One, BBVA and MUFG Bank are among the participants, with firms from the United States, Europe and Asia represented.
The company is expected to be incorporated in the United States. Its public name has not been finalized, and Project Faro is an internal name.
What Is Still Undecided
Several key details remain open. The group has not named the token or chosen the blockchain where it will be issued.
The members have also not announced approval from regulators. They plan to follow the US GENIUS Act and Europe’s Markets in Crypto-Assets rules where those apply.
The first token will focus on cross-border payments and digital asset settlements. It will serve wholesale, institutional and retail markets.
After the dollar token, the group plans to expand into stablecoins tied to other G7 currencies. A euro stablecoin is the next priority, though no launch date has been set.
The venture will enter a market worth about $290 billion, according to DefiLlama data. Tether’s USDT and Circle’s USDC together hold about 85% of that total, and the new token would compete with both.
Some members are also building their own digital payment tools. Wells Fargo has been preparing for stablecoin services and has created tokenized deposit facilities that allow “continuous payments” for corporate and commercial clients.
Earlier announcements from the group set out its plans but did not include funding totals. Bloomberg’s report on Tuesday added the $270 million figure and the five-year timeframe.
For now, leadership remains the main open task. Project Faro is searching for a chief executive to run the company as it works toward its 2027 launch.
