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

Goldman Sachs and Citi are among the banks said to have committed a combined $270 million to a stablecoin venture known as Project Faro, which plans to issue a dollar-denominated token and is expected to be incorporated in the U.S. The commitment marks one of the largest bank-led pushes into stablecoin issuance, a market currently dominated by Tether’s USDT and Circle’s USDC. The involvement of major Wall Street institutions signals growing acceptance of tokenized dollar instruments as core financial infrastructure rather than a crypto-native niche. Details on the token’s backing, reserve custody and launch timeline remain sparse, and it is unclear which other banks are participating or how the $270 million will be allocated. Watchers will focus on the venture’s formal U.S. incorporation, regulatory treatment under existing stablecoin frameworks, and whether the token secures listings and liquidity on major exchanges and chains.