A consortium preparing to launch a US dollar stablecoin has received around US$270 million in funding commitments, Bloomberg reported, citing people familiar with the plans.
The committed funds are expected to cover five years of operations for a new company that plans to issue the digital currency and is expected to be incorporated in the US.
Known internally as Project Faro, the initiative brings together 21 financial institutions, including Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank.
The group announced its plans in September, with other participants including Bank of America, Wells Fargo, UBS, Fidelity Investments and MUFG Bank.
It aims to launch the stablecoin in the first half of 2027 before potentially expanding into other G7 currencies, with the euro identified as a priority.
The consortium intends to support cross-border payments and digital asset settlements across wholesale, institutional and retail markets.
Featured image: Edited by Fintech News Singapore, based on image by Who is Danny via Magnific
