Goldman Sachs, Citi Join 21-Institution $270 Million Stablecoin Plan

A 21-institution consortium including Goldman Sachs and Citi plans to commit about $270 million to a dollar stablecoin project, adding a prospective U.S.-registered challenger to Tether and Circle.

The $270 million would cover the project's operating costs for five years. Project Faro is a working name, and the consortium also includes Santander and Deutsche Bank.

The issuer is planned to register in the United States, with launch targeted for 2027. The project has no announced token, CEO or final name.

Tether and Circle together account for about 85% of the roughly $290 billion stablecoin market, positioning the project against two leading issuers.

Other stablecoin moves include SoFiUSD's expansion to Polygon, a token issued by Anchorage Digital settling through Visa's network, and Mastercard and BVNK's launch of Global Money Platform. The announced initiatives span blockchain networks, bank-led issuance and payment infrastructure, showing how stablecoin projects are extending into financial services and crypto markets.