Goldman Sachs, Citigroup and Others Reportedly Commit About $270 Million to Stablecoin Project

According to Deep Tide TechFlow, CoinDesk, citing Bloomberg, reported on November 11 that financial institutions including Goldman Sachs and Citigroup have committed about $270 million to the joint stablecoin project Project Faro to cover the new company's five-year operating costs.

People familiar with the matter said participating institutions also include Banco Santander and Deutsche Bank. Wells Fargo, Fidelity, Mitsubishi UFJ Financial Group and Standard Bank have also participated in the project. Project Faro plans to issue a U.S. dollar stablecoin, is expected to be registered in the United States, and intends to develop stablecoins pegged to other G7 currencies, prioritizing the euro.

Source: Deep Tide TechFlow