Goldman Sachs, Citigroup, Banco Santander, and Deutsche Bank have committed about $270 million to fund five years of operations for a company that will issue a dollar-denominated stablecoin. The 21-institution consortium, Project Faro, plans to establish the company in the United States in the second half of 2026 and launch its dollar token in the first half of 2027, followed by a euro version. The group, whose new members include Wells Fargo, Fidelity Investments, Lloyds Banking Group, and Standard Bank, intends to serve wholesale, institutional, and retail markets, particularly for cross-border payments and digital asset settlement. Bank of America, Citi, and Wells Fargo are separately supporting The Bridge, a tokenized deposit network also targeted for launch in the first half of 2027. Tether’s USDT leads the market with about $176 billion in circulation, compared with $70 billion for Circle’s USDC, while dollar-pegged stablecoins tracked by DefiLlama total approximately $293 billion.
Source: Read the original article
