As reported by Foresight News on November 11, 2026, at 08:20 UTC+8, Bloomberg cited people familiar with the matter as saying that financial institutions including Goldman Sachs, Citi, Santander and Deutsche Bank had committed about $270 million to Project Faro. The funding is intended to cover five years of operating expenses for a new stablecoin issuer.
The project, announced by 21 institutions in September 2026, aims to launch a US dollar stablecoin in the first half of 2027, followed by stablecoins pegged to other currencies, starting with the euro. People familiar with the matter said the issuer is expected to be registered in the United States, is seeking a CEO and has not settled on a formal name.
Project Faro began in 2025 with a smaller group of banks exploring fully reserved digital currencies on public blockchains. Wells Fargo, Fidelity Investments, UBS and Lloyds Banking Group are also among its participants. The proposed reserve backing is a project aim, not evidence of reserves for a live token.
Goldman Sachs and Citi referred questions to a project spokesperson, who declined to comment. Santander and Deutsche Bank also declined to comment.
