Foresight News reported on November 11, 2026, citing Bloomberg and people familiar with the matter, that financial institutions including Goldman Sachs, Citigroup, Santander and Deutsche Bank have committed about $270 million to the joint stablecoin project Project Faro. The funds are intended to cover five years of operating expenses for a new company.
The plan was announced by 21 institutions in September 2026. It aims to launch a U.S. dollar stablecoin in the first half of 2027 and later issue stablecoins linked to other currencies, starting with a euro stablecoin.
People familiar with the matter said the new company responsible for issuing the stablecoins is expected to register in the United States. The company is currently seeking 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 initially started by a small number of banks in 2025 to explore issuing fully reserve-backed digital currencies on public blockchains. Participation later widened; Wells Fargo, Fidelity Investments, UBS and Lloyds Banking Group are also among the institutions involved.
Source: Foresight News, November 11, 2026.
