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XMR$554.62Goldman, Citi and Banks Reportedly Commit $270M to a Stablecoin
Per Bloomberg, a 21-institution bank group has committed about $270M to fund a dollar stablecoin issuer for five years, with a launch targeted for the first half of 2027.
A consortium of 21 financial institutions, including Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank, has committed about $270 million to a joint issuer of a dollar stablecoin, Bloomberg reported on Nov. 10, 2026, as relayed by Decrypt. We found no official statement from the participants.
Details
According to Bloomberg, the money is meant to cover the first five years of operations for a U.S.-incorporated company, known internally as Project Faro. Besides the banks named above, the group includes Bank of America, Wells Fargo, UBS, BBVA, Lloyds, MUFG, Fidelity Investments and others. The venture is still searching for a CEO and a final name.
A dollar token is targeted for the first half of 2027, with tokens in other G7 currencies to follow, the euro first. The group announced its plans on Sept. 1, 2026, with a launch in the first half of 2027 and the company to be formed in the second half of 2026; funding was not disclosed then.
The token is designed to fit the U.S. GENIUS Act and the EU's MiCA regime, and to serve wholesale, institutional and retail customers.
What this means for the market
Per Decrypt, Tether's USDT and Circle's USDC hold roughly 85% of a stablecoin market of about $290 billion. The reported commitment is $270 million over five years is modest for a bank project, but it shows the group moving from announcements to funding.
The launch is more than six months away and the number rests on a single report, so details may change. Live market data is in the daily brief; see also the pages for Tether and USDC.
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