On November 11, 2026, BlockBeats reported that Goldman Sachs, Citigroup, Santander, Deutsche Bank and other financial institutions have committed about $270 million to the joint stablecoin project Project Faro. Citing Bloomberg and people familiar with the matter, the report said the funds are intended to cover five years of operating expenses for a new company. That commitment is distinct from any reserve assets that would back tokens the company might later issue.
The plan was announced by 21 institutions in September 2026. Its stated target is a U.S. dollar stablecoin in the first half of 2027, followed by stablecoins pegged to other currencies, beginning with a euro stablecoin.
People familiar with the matter said the new company expected to issue the stablecoin is likely to register in the United States. It is recruiting a chief executive, and a formal name is still under discussion. Goldman Sachs and Citigroup referred questions to a project spokesperson, who declined to comment. Santander and Deutsche Bank also declined to comment.
Project Faro was started in 2025 by a smaller group of banks to explore issuing fully reserve-backed digital currencies on public chains. Participation later widened. Wells Fargo, Fidelity Investments, UBS and Lloyds Banking Group are also among the institutions involved. The report presents full reserve backing as the project’s aim; it does not describe reserve composition, an attestation, an audit, or redemption terms.
Other institutions are pursuing separate stablecoin work. Visa, Mastercard and Stripe are among more than 100 companies supporting the stablecoin issuer Open Standard. Several European banks formed Qivalis and plan to issue a euro stablecoin.
Circulating stablecoins were about $290 billion at the time of the report and almost entirely pegged to the dollar. Despite faster moves by large financial institutions, the report said new entrants still find it difficult to displace existing issuers. DefiLlama data cited in the account put Tether’s USDT and Circle’s USDC at about 85% of the stablecoin market combined.
Original report: BlockBeats, November 11, 2026.
