Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank have committed roughly $270 million to finance a joint venture provisionally called “Project Faro” that will issue a dollar-denominated stablecoin. The funds will cover five years of operations for a U.S.-incorporated company targeted to launch in the first half of 2027. The consortium includes 21 major financial institutions, with Wells Fargo, Fidelity, UBS and Lloyds among those added, but does not include JPMorgan. Still without a chief executive or final name, the project is designed to comply with the U.S. GENIUS Act and the EU’s MiCA regime as it seeks to challenge Tether and Circle, which together control about 85% of a market worth nearly $290 billion.
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