Goldman, Citi and other banks commit $270m to a joint stablecoin
Why it matters
Big banks are no longer just testing digital dollars. Funding five years of running costs up front shows Goldman, Citi and their partners plan to compete for your payments business.
Post to XThe short version
Goldman Sachs, Citigroup and other big banks have committed about $270m to a company they are setting up together to issue a stablecoin, a digital token designed to always be worth one dollar, Bloomberg reported on 10 November. The money is meant to cover five years of running costs. The banks aim to launch in the first half of 2027.
Here's what happened. A group of banks including Goldman Sachs and Citigroup has committed about $270m to their joint stablecoin company, according to Bloomberg, as reported by CoinDesk. The money covers five years of running costs.
The venture, called Project Faro, plans to issue a token tied to the US dollar and is expected to be set up as a US company, CoinDesk said. Tokens linked to other G7 currencies could follow, with a euro version first in line.
Put it in context. The plan was first announced on 1 September by 21 financial firms, including Bank of America, Deutsche Bank, UBS, Santander, Wells Fargo, MUFG and Standard Bank, according to BBVA, one of the members. They said then that they aim to go to market in the first half of 2027, and to follow the US GENIUS Act and the EU's MiCA rules where they apply.
The banks did not immediately reply to CoinDesk's request for comment.
Where this comes from
Written with AI from the sources above and checked against them before publishing. Here's how we work. This is news, not financial advice. Spotted a mistake? Tell us.
More on stablecoins
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- 9 November 2026Stablecoin supply up just 0.4% in 2026 as payments jump 45%
- 7 November 2026Nigeria's central bank licenses stablecoins, bans algorithmic ones
- 6 November 2026Samsung Wallet launches USDC accounts for US Galaxy phone users