21 banks allocate 270 million dollars for Project Faro

Twenty-one financial institutions, including Citigroup, Goldman Sachs, Banco Santander, Deutsche Bank, and BBVA, have allocated approximately 270 million dollars for a stablecoin initiative called Project Faro. The project aims to launch a dollar-pegged stablecoin in the first half of 2027. This funding will be used to cover the new company's operational expenses for five years. The initiative will not be limited to a dollar-based product; it plans to issue stablecoins pegged to the currencies of G7 countries. Project Faro was announced in September and is expected to be established in the United States. Some banks involved in the project are also participating in other stablecoin initiatives. BBVA is involved in both Project Faro and the Open USD led by Stripe, as well as within the Europe-based Qivalis. Qivalis received authorization as an electronic money institution from the Dutch Central Bank in October 2026. The stablecoin market is dominated by Tether's USDT and Circle's USDC, which together accounted for 85% of the market as of November 10, with a total market value of 290 billion dollars. The structure supported by banks offers the opportunity to reach a broader user base for the new stablecoin through existing bank customers and payment networks.