Goldman Sachs, Citi among banks said to commit $270 million to stablecoin venture

Finance Goldman Sachs, Citi among banks said to commit $270 million to stablecoin venture The venture, known as Project Faro, plans to issue a dollar-denominated stablecoin and is expected to be incorporated in the U.S. By Jamie Crawley | Edited by Sheldon Reback Nov 10, 2026, 12:32 p.m. EST 1 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Enlarge image Summary Show Goldman Sachs, Citigroup and other financial firms committed about $270 million to cover five years of operating costs for a joint stablecoin venture, Bloomberg reported. The venture, known as Project Faro, plans to issue a dollar-denominated stablecoin and is expected to be incorporated in the U.S. Project Faro also aims to develop stablecoins pegged to other Group of 7 currencies, giving priority to a euro-denominated token. Goldman Sachs, Citigroup and other financial services giants committed around $270 million to their joint stablecoin venture , Bloomberg reported on Tuesday. The group, which includes Santander and Deutsche Bank, raised the funds to cover five years’ operational costs at the new company, which was revealed in September , according to the report, which cited people familiar with the matter. Wells Fargo, Fidelity, MUFG and Standard Bank are also involved in the venture, known as Project Faro, which will issue a dollar-denominated stablecoin and is expected to be incorporated in the U.S. Project Faro also aims to develop stablecoins pegged to other G7 currencies, with a euro-denominated token taking priority. Stablecoins — digital tokens that track the value of a traditional financial asset, usually a fiat currency — are at the forefront of cryptocurrency adoption by financial institutions. Over 140 companies joined forces to develop the Open USD stablecoin in June, including Stripe, Visa, Mastercard and BlackRock The Faro-participating banks did not immediately respond to CoinDesk’s request for comment. banks Stablecoins Latest Crypto News 1 Crypto is now teamed up with U.S. government in two legal battles over perps 54 minutes ago 2 Plume affiliate lands broker-dealer license to bring real U.S. assets onchain 2 hours ago 3 Will stablecoins survive once the banks catch up? 4 hours ago 4 U.S. CPI rose stronger than expected 0.4% in October; core rate rose 0.3% 4 hours ago 5 Ripple Prime head Marc Asch to step down, Noel Kimmel named successor 5 hours ago 6 Bitcoin breaks with stocks, declines as ETF outflows mount, MARA reduces holdings 5 hours ago 7 Bitcoin lags stock rebound in advance of U.S. inflation report 6 hours ago 8 Bitcoin slips before U.S. inflation report as traders price in Fed rate increase 7 hours ago 9 Live news: Bitcoin falls to nearly three-month low after disappointing inflation data 7 hours ago 10 The crypto wallet that grew up inside Telegram is striking out on its own 8 hours ago Latest Research Beyond the Risk-Free Rate: Diversified Real World Yield in Productive Stablecoins Beyond the Risk-Free Rate: Diversified Real World Yield in Productive Stablecoins Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years. By CoinDesk Research Sep 24, 2026 Commissioned by RealFi Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years. Why it matters : Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years. View Full Report More From Finance Ripple Prime head Marc Asch to step down, Noel Kimmel named successor The crypto wallet that grew up inside Telegram is striking out on its own Securitize pushes into $6 trillion asset-backed finance market with River One acquisition