A consortium of 21 financial institutions has committed about $270 million to Project Faro, a planned U.S.-incorporated stablecoin issuer backed by Goldman Sachs, Citigroup, BBVA, Banco Santander and Deutsche Bank. The funding is intended to cover five years of operating expenses, or roughly $54 million annually, and is separate from reserves that would back the token at a 1:1 ratio with eligible assets. Faro aims to launch a U.S. dollar stablecoin in the first half of 2027, followed by tokens pegged to the currencies of the other G7 countries, with a euro-denominated coin expected next. A newer report values Goldman Sachs and Citi’s combined investment at about ¥42.8 billion. The consortium is recruiting a CEO and has not disclosed its blockchain networks, reserve custody, redemption system or final ownership structure; the plans remain subject to closing conditions. Faro faces established issuers Tether and Circle, whose USDT and USDC represented about 85% of the roughly $290 billion stablecoin market as of Nov. 10, while its bank members could use existing customer and payment relationships to support distribution. Several members also participate in rival projects, including Stripe-led Open USD and the European Qivalis consortium.