[Wu Blockchain News] Goldman Sachs, Citi and Other Banks Commit $270M to Joint Stablecoin Venture

Goldman Sachs, Citigroup, Santander and Deutsche Bank are among 21 financial institutions that have committed roughly $270 million to Project Faro, a joint stablecoin venture, with the funding set to cover five years of operations. The consortium plans to establish a US-based company that will issue a dollar-denominated stablecoin in the first half of 2027, followed by a euro-denominated token. Other participants include Wells Fargo, Fidelity, UBS and Lloyds Banking Group. The initiative is aimed at challenging incumbents Tether and Circle, whose stablecoins together account for about 85% of the global market. The entry of major banks matters because it signals traditional finance moving directly into stablecoin issuance at scale, and the next milestones to watch are the formation of the US entity and the 2027 dollar token launch.