Some of the world’s largest banks are putting real money behind their own answer to the crypto stablecoins. A group of about 21 financial institutions, including Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank, has committed roughly $270 million to a joint venture codenamed Project Faro, according to people familiar with the matter in a report published on Tuesday, November 10, 2026.
The money is meant to cover about five years of running costs for a new company that would issue a US dollar stablecoin: a digital token that is designed to always be worth one dollar.
Key facts
- Who: a consortium of about 21 banks and financial firms. Goldman Sachs, Citigroup, Santander and Deutsche Bank are among the names reported.
- How much: about $270 million, to fund roughly five years of operations.
- What: a new company, expected to be incorporated in the United States, that would issue a dollar stablecoin. “Project Faro” is a working name; the final name has not been chosen.
- When: the dollar token is targeted for the first half of 2027. A euro version is expected to follow, with other major currencies later.
- Not confirmed by the banks: the project and several of the banks declined to comment or did not respond. No token exists yet, and the company does not yet have a chief executive.
How the project got here
- The idea was first explored in October 2025 by a smaller group of about 10 banks.
- In September 2026, the group grew to 21 institutions that agreed to form the company.
- The token is being designed to follow the GENIUS Act, the US federal stablecoin law passed in 2025, and, where needed, the European Union’s MiCA crypto rules.
The market it wants to enter
- Stablecoins are worth about $290 billion in total today, and almost all of that is tied to the US dollar.
- Two crypto companies dominate: Tether (USDT) and Circle (USDC) together hold about 85% of the market.
- Banks are not alone in trying to break in. Payment companies, card networks and a separate group of European banks are working on rival tokens of their own.
Why it matters
Until now, stablecoins have been almost entirely a crypto-industry product. A coin issued by a company backed by Goldman Sachs, Citi and other household-name banks would give big businesses and ordinary customers a bank-run alternative, under the new US rules. Committing a five-year budget shows the banks see this as a long-term business, not an experiment. A 2027 target still leaves plenty of room for delays, and the details of how the coin would work are not yet public.
This article is for information only and is not financial advice.
