On November 11, 2026, TechFlow reported—citing CoinDesk, which in turn cited Bloomberg—that Goldman Sachs, Citigroup and other financial institutions had committed about $270 million to Project Faro, described as a joint stablecoin project. The sum was characterized as payment for five years of operating costs for a new company.
People familiar with the matter, as relayed in that report, said Santander and Deutsche Bank were also among the participating institutions. Wells Fargo, Fidelity, Mitsubishi UFJ Financial Group and Standard Bank were also said to be involved in the project.
According to the same account, Project Faro plans to issue a U.S. dollar stablecoin and is expected to register in the United States. It also plans to develop stablecoins pegged to other Group of Seven currencies, with the euro given priority.
The report presents the roughly $270 million as an operating-cost commitment attributed to the institutions named above and to people familiar with the matter. It does not describe those funds as reserve assets behind tokens, and it does not set out redemption terms, circulation, reserve composition, or any attestation or audit.
Original report: TechFlow, November 11, 2026, 01:35 (UTC+8)
