Banks fund Project Faro stablecoin plan with $270 million

What the reports say

Banks including Goldman Sachs, Citigroup and BBVA have committed $270 million to a venture that intends to issue a dollar-denominated stablecoin, according to reports from CoinDesk, Decrypt and Cointelegraph published on 10 November 2026.

The venture carries the codename Project Faro. CoinDesk reported that it is expected to be incorporated in the United States. Cointelegraph reported that the group aims to launch the stablecoin in the first half of 2027.

Decrypt reported that the $270 million covers five years of operations. That report framed the funding as traditional lenders moving to take on Tether and Circle, which it called crypto-native stablecoin giants.

What is not yet known

The reports do not say how much each bank is contributing, how many lenders are involved, or what assets would back the stablecoin. None of the named banks has publicly confirmed the commitment. CoinDesk described the money as said to be committed, rather than announced by the participants.

It is also unclear whether the venture has applied for regulatory approval, and no date has been given for a formal announcement by the banks.

Where the venture sits

Tether and Circle issue the dollar-linked tokens that dominate stablecoin trading, and Decrypt's account places the new project as a competitor to them rather than as an addition to their networks. The reports give no detail on how Project Faro would be structured, how its reserves would be held, or how it would be distributed to users.

Cointelegraph's report puts the target launch in the first half of 2027. The reports do not say which banks beyond the three named are involved, or whether the group has signed any partners.