On November 11, 2026, BlockBeats reported—citing Bloomberg, which cited people familiar with the matter—that Goldman Sachs, Citigroup, Santander, Deutsche Bank and other financial institutions had committed about $270 million to the joint stablecoin project Project Faro. The funds were described as intended to cover five years of operating expenses for a new company. That is an operating budget in the account given, not a disclosed pool of reserve assets behind tokens.
Funding a company’s costs is separate from how a stablecoin would be issued, backed and redeemed. The November 11 report does not identify reserve assets, redemption terms, an attestation or an audit, and it does not treat any of those as established.
What the plan sets out to issue
Twenty-one institutions made the plan public in September 2026. The stated target is a US dollar stablecoin in the first half of 2027, and only after that stablecoins pegged to other currencies, beginning with a euro stablecoin. The report does not describe the peg mechanism, who could redeem, or where a holder would have a claim.
People familiar with the matter said the new company responsible for issuing the stablecoin is expected to register in the United States. They said it was looking for a chief executive and that a formal name was still under discussion.
Participation, and what the banks would not say
Goldman Sachs and Citigroup referred questions to a project spokesperson, who declined to comment. Santander and Deutsche Bank also declined to comment. In this account, the funding figure and the expected US registration come from people familiar with the matter, via Bloomberg and then BlockBeats, not from public statements by those banks.
Project Faro was started by a small number of banks in 2025. Its stated aim was to explore issuing, on public blockchains, digital money backed by full reserves. Participation later widened. Wells Fargo, Fidelity Investments, UBS and Lloyds Banking Group were also named among the institutions involved. The report does not say that “full reserves” had been verified, dated or published.
Other efforts, and the market they would enter
The same report noted separate projects at established firms. Visa, Mastercard and Stripe were among more than 100 companies supporting the stablecoin issuer Open Standard. Several European banks had formed Qivalis and planned to issue a euro stablecoin. Reserve composition, attestations and launch timing for those efforts are not in the BlockBeats account.
As of the November 11, 2026 report, stablecoins in circulation were about $290 billion and almost all were pegged to the US dollar. The report said that, even with large financial institutions moving faster, new entrants would still find it difficult to dislodge existing issuers. DefiLlama figures cited there put Tether’s USDT and Circle’s USDC together at about 85 percent of the stablecoin market. Those figures describe reported circulation, not redemption rights, insurance or a guarantee that any token can always be redeemed at par.
Original report: BlockBeats, November 11, 2026.
