Add as a preferred source on GoogleGlobal Banks Plan $270 Million Backing for Dollar Stablecoin Issuer
The funding is intended to cover five years of operations. The issuer is targeting a commercial launch in the first half of 2027.
A consortium of global banks plans to commit about $270 million to a U.S. dollar stablecoin issuer, funding five years of operations for a digital settlement venture.
Backers include Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank. The issuer is expected to be incorporated in the United States. Its planned token would be pegged to the dollar and serve wholesale, institutional and retail users, including for cross-border payments and digital asset settlement.
The consortium is seeking a chief executive ahead of a planned commercial launch in the first half of 2027. It intends to issue a dollar token first, then expand to other G7 currencies, with the euro expected next.
Known as Project Faro, the effort grew from 10 founding banks exploring reserve-backed products on public blockchains in late 2025. The consortium has since expanded to 21 institutions across North America, Europe, East Asia, the Middle East and Africa.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.