Project Faro banks commit $270M to build a dollar stablecoin by 2027

A bank consortium with a five-year budget

Twenty-one financial institutions have committed about $270 million to Project Faro, a shared effort to issue a dollar stablecoin from a company to be set up in the United States. CryptoActu reported the figure on 12 November 2026, citing Bloomberg and financial press coverage.

The participants named include Goldman Sachs, Citigroup, Santander, Deutsche Bank, Wells Fargo, Fidelity, UBS, MUFG and Lloyds Banking Group. The group has grown from 10 banks when discussions began in October 2025.

The $270 million is meant to cover operating expenses over five years, an average of roughly $54 million a year. It does not include the assets that would back each token.

Target: first half of 2027

The consortium aims for a commercial launch in the first half of 2027. That date depends on completing the US legal entity and obtaining the necessary authorisations.

The token is to be designed around the GENIUS Act, the US framework for payment stablecoins covering reserves, disclosures and supervision. Implementation of that framework is expected in January 2027. For distribution in Europe, the project plans to follow MiCA.

After the dollar product, the group intends to issue a euro stablecoin and then examine other G7 currencies. The euro priority sets Project Faro apart from a dollar-only strategy.

What is still open

No token has been issued. The consortium has not chosen a chief executive, and Project Faro remains an internal name; the final name of the company is not settled.

The group has also not detailed the blockchain it will use, how reserves will be held, the redemption mechanism or the allocation of capital. Those points will shape how the token works.

The future issuer would enter a market valued at close to $290 billion, where USDT and USDC together account for about 85% of circulating supply, according to the report. Stablecoin payments reached $482 billion in 2026, the report says, citing previously published data.

The consortium has not said how its token would differ in cost, speed or geographic reach from existing settlement options. Mastercard already secures stablecoin payments, and Visa has extended stablecoin settlement to nine networks at an annualised rate of $7 billion, according to figures presented in April.