Goldman, Citi join $270 million push for bank-backed stablecoin: Report
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Major financial institutions unite to bring the dollar-pegged Project Faro closer to market introduction by 2027.
Goldman Sachs, Citigroup, Santander and Deutsche Bank are part of a group of financial firms that have committed around $270 million to a jointly owned stablecoin venture, Bloomberg reported Tuesday, citing people familiar with the matter.
The funds are expected to support five years of operations at the company, which will be based in the US and issue a dollar-pegged stablecoin. The venture, known among participants as Project Faro, is searching for a chief executive and has not yet chosen an official name.
This is a developing story.
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