21 banks commit $270 million to stablecoin venture targeting 2027 launch

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A consortium of 21 financial institutions has committed around $270 million to Project Faro, a stablecoin venture planning to launch a US dollar-pegged token in the first half of 2027.

The funding is expected to cover the company’s first five years of operations. Its longer-term plans include issuing stablecoins pegged to the currencies of all G7 countries, with a euro-backed token expected to follow the US dollar launch, Bloomberg reported.

The initiative was first announced in September. People familiar with the matter told Bloomberg that the company is expected to be incorporated in the US, although few other details have been disclosed.

The consortium includes Citigroup, Goldman Sachs, Banco Santander, Deutsche Bank and BBVA.

Other financial institutions are also developing stablecoin projects. Stripe-led Open USD includes Visa among its founding partners, while European banking consortium Qivalis is working on a euro-backed stablecoin intended to compete with the dominance of US dollar-pegged tokens.