Banks participating in Project Faro have committed about $270 million to fund a new company’s operations for five years, Bloomberg reported, citing people familiar with the matter. Goldman Sachs, Citi, Santander and Deutsche Bank are among the institutions involved. The reported funding is a commitment, not evidence that a stablecoin has been issued.
According to the report, 21 institutions announced the plan in September 2026. They aim to launch a US dollar stablecoin in the first half of 2027, followed by stablecoins tied to other currencies, starting with the euro. The issuing company is expected to be registered in the United States, but it was still seeking a CEO and discussing its formal name at the time of reporting.
Project Faro began in 2025 with a smaller group of banks exploring fully reserved digital currencies on public blockchains. Its participants later expanded to include Wells Fargo, Fidelity Investments, UBS and Lloyds Banking Group. Goldman Sachs and Citi referred questions to a project spokesperson, who declined to comment; Santander and Deutsche Bank also declined to comment.
The proposed launch would enter a concentrated market. Stablecoins in circulation totaled about $290 billion at the time of the report, nearly all pegged to the dollar. DefiLlama data put Tether’s USDT and Circle’s USDC at roughly 85% of the market combined. Separately, Visa, Mastercard and Stripe were among more than 100 companies backing stablecoin issuer Open Standard, while European banks had formed Qivalis to pursue a euro stablecoin.
For Project Faro, the gap between the announced ambition and documented delivery remains clear: the funding commitment and launch timetable do not establish that its issuing company or stablecoin is operational.
Original report: BlockBeats, November 11, 2026, 08:20 UTC+8.