Goldman Sachs, Citi among banks said to commit $270 million to stablecoin venture

Goldman Sachs, Citigroup, and other major financial institutions have committed approximately $270 million to fund five years of operating costs for a joint stablecoin venture named Project Faro. The U.S.-incorporated company plans to issue a dollar-denominated stablecoin, with subsequent plans to develop tokens pegged to other Group of 7 currencies, prioritizing a euro-denominated token. Bloomberg reported the funding details, citing people familiar with the matter. Open article →