A group of 21 international financial institutions announced a $270 million funding commitment for a new stablecoin venture known internally as Project Faro. The consortium includes major U.S. banks such as Goldman Sachs, Citi, Bank of America, Wells Fargo, and Fidelity Investments, as well as European and Asian participants including BBVA, UBS, Lloyds Banking Group, Capital One, MUFG Bank and others.
Project scope and timeline
Project Faro aims to issue a U.S. dollar‑backed stablecoin in the first half of 2027. The initial focus will be on cross‑border payments and digital‑asset settlement across institutional, wholesale and retail markets. After the dollar token, the group plans to explore a euro‑denominated stablecoin, though no launch date has been set.
Funding and governance
The $270 million is intended to support roughly five years of operations for the venture, which will be incorporated in the United States. The consortium is still searching for a chief executive officer, and a public name for the token has not been finalized.
Market context
The initiative enters a stablecoin market dominated by Tether’s USDT and Circle’s USDC, which together account for about 85 % of the roughly $290 billion market, according to DefiLlama data. The participating banks intend to comply with the U.S. GENIUS Act and Europe’s Markets in Crypto‑Assets framework, though regulatory approvals have not yet been announced.
Additional developments
Wells Fargo has been developing tokenized deposit facilities that enable continuous payments for corporate clients, aligning with the broader goals of the consortium.
