A group of global banks including Goldman Sachs, Citi, Banco Santander and Deutsche Bank has committed roughly $270 million to Project Faro, the planned issuer of a dollar stablecoin, according to people familiar with the matter. The money covers five years of operations for the company, which will be incorporated in the US.
What Project Faro is
Project Faro is the codename participants use for the future company. In its September release, the consortium said the final name would be announced in due course and that the company would operate globally.
The company is due to be set up in H2 2026, subject to closing conditions. Its first product will be a USD-denominated stablecoin, described as a 1:1 reserve-backed form of digital money available on public blockchains.
The group is targeting wholesale, institutional and retail markets where a trusted form of digital money benefits clients, including cross-border payments and digital asset settlement.
The 21 institutions behind it
The group started in October 2025 with ten banks exploring the idea. On September 1, 2026, 21 institutions committed to form the new company:
- North America: Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, WisdomTree
- Europe: Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank, UBS
- East Asia: MUFG Bank
- Middle East: Sirius International Holding
- Africa: Standard Bank
The consortium says the product combines bank-grade compliance, strong governance, distribution and institutional risk management. Boston Consulting Group and Brunswick Group act only as advisers and have no authority to bind the consortium or its members.
Timeline and regulation
Milestone | Date |
|---|---|
Ten banks explore the idea | October 2025 |
21 institutions commit to form the company | September 1, 2026 |
Company incorporation | H2 2026 |
USD stablecoin launch | H1 2027 |
- First issuance: a USD stablecoin
- Next priority: a EUR version, then other G7 currencies
- Compliance: the US GENIUS Act and the EU's MiCA, as applicable
The release carries a cautionary note that its forward-looking statements rest on the group's current expectations and that actual results could differ materially.