Goldman Sachs, Citibank, and others reportedly invested approximately $270 million in stablecoin projects.

On November 11, according to Bloomberg via CoinDesk, financial institutions including Goldman Sachs and Citigroup have pledged approximately $270 million to the joint stablecoin project Project Faro to cover five years of operating costs for the new company.

Sources familiar with the matter said that participating institutions also include Banco Santander and Deutsche Bank. Wells Fargo, Fidelity, Mitsubishi UFJ Financial Group, and Standard Bank are also involved in the project. Project Faro plans to launch a USD stablecoin, expected to be registered in the United States, and intends to develop stablecoins pegged to other G7 currencies, prioritizing the euro.