Banking giants commit $270m to stablecoin venture – Bloomberg

Some of the world’s biggest banks – including Citi, Goldman Sachs and Deutsche Bank – have committed around $270 million to a new stablecoin venture called Project Faro, according to Bloomberg.

In October 2025, Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank, TD Bank and UBS revealed that they were exploring the issuance of a 1:1 reserve-backed form of digital money that provides a stable payment asset available on public blockchains.

This September, the group – without Barclays and BNP Paribas but with new members including Lloyds and BBVA – said that they would set up a company for the project by the end of the year.

Now, according to Bloomberg, the venture has a name – Project Faro – and $270 million in funding commitments to cover five years of operational costs.

Faro’s backers said in September that they plan to operate globally, with an initial focus on a USD-denominated stablecoin offering that could go to market in the first half of 2027. The longer-term ambition is to expand issuance into stablecoins denominated in additional G7 currencies, with a EUR offering as a priority.