A 21-bank group that stretches from Japan’s MUFG to South Africa’s Standard Bank has committed about $270 million to run a joint dollar stablecoin for five years, Bloomberg reported on Tuesday.
MoneyTurkey Crypto Desk | 10 November 2026
Key points
- Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank are among the banks putting up the money, which is meant to cover five years of running costs, according to Bloomberg as reported by CoinDesk and Decrypt.
- The venture, known as Project Faro, plans to issue a dollar stablecoin from a US-incorporated company and aims to launch in the first half of 2027.
- A euro token is next in line, with other G7 currencies to follow.
What happened
The funding is the first hard money behind a plan the 21 institutions announced in September, when they said they would form a company to issue a dollar stablecoin. Bloomberg, citing people familiar with the matter, said the roughly $270 million is sized to cover the company’s operations for five years. CoinDesk and Decrypt both carried the report.
Project Faro is still looking for a chief executive and has not settled on a final name, Decrypt reported, citing Bloomberg. A spokesperson for the project declined to comment, as did Santander and Deutsche Bank, while Goldman and Citi referred questions to the project. The banks did not respond to CoinDesk’s request for comment.
Who is in
Beyond the four lead names, the reports list Wells Fargo, Fidelity and MUFG among the members. Decrypt also names Bank of America, PNC, Capital One, TD Bank, UBS, BBVA and Lloyds Banking Group, and CoinDesk adds South Africa’s Standard Bank. JPMorgan is not on the list.
Why it matters
Dollar stablecoins are dominated by crypto-native issuers Tether and Circle. The bank group is betting that regulated balance sheets and existing client networks can win a share of round-the-clock, cross-border settlement. Decrypt said the token is being designed to comply with the US GENIUS Act, the 2025 federal framework for dollar-pegged tokens, and, where it applies, the EU’s MiCA rules.
The membership is what makes this more than a Wall Street story. With lenders from Japan, Spain, the UK, Canada and South Africa on board, a bank-issued dollar token could reach payment corridors that today run largely on Tether. Banks are not moving alone either: European lenders have formed Qivalis to issue a euro coin, and a separate group including Visa, Mastercard and Stripe is backing its own dollar token.
The project is still pre-launch, with no token, no chief executive and no final name, so the 2027 date could slip.
What to watch
- Whether Project Faro names a chief executive and a final brand
- Any licence filings under the GENIUS Act or MiCA
- Whether the euro token gets a firm timetable
- How Tether and Circle respond
Related on MoneyTurkey
- Quick wrap: Banks fund stablecoin, Visa adds Monad, eToro
- Coinbase Wins Full OCC Trust Charter After April Nod
For information only. Not investment advice.
