Project Faro Seeks CEO as Banks Target First-Half 2027 Launch

The 21 financial firms behind Project Faro are targeting the first half of 2027 for the planned U.S. stablecoin issuer, which is still seeking a CEO.

The backers have committed about $270 million to fund the issuer’s first five years. Goldman Sachs, Citi, Banco Santander and Deutsche Bank are among the firms putting up money.

The funding figure has appeared in earlier coverage of the joint stablecoin project. The group plans to issue a token pegged to the U.S. dollar first. Its longer-term aim is to expand to other Group of Seven currencies, with a euro version the priority.

The group’s current target is to bring the project to market in the first half of 2027.