The stablecoin venture that 21 financial firms unveiled in September has about $270 million in commitments from its backers, with Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank among the banks putting up money, according to a report on Tuesday that cited people familiar with the matter.
The funding is meant to pay for the planned issuer's first five years, the report said. Its backers plan to incorporate the issuer, codenamed Project Faro, in the U.S. and are still looking for a chief executive, according to the report.
Versions of the report published by other outlets did not say whether the money is equity or another form of capital, how much each bank is putting in, or which blockchain the token will use. No bank or the venture has commented publicly on the report.
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Two Issuers Hold Most of the Supply
The group's first token will be pegged to the U.S. dollar, a market where two issuers account for most of the supply. Tether's USDT and Circle's USDC made up about 84% of the roughly $293 billion in dollar-pegged stablecoins in circulation on Tuesday, Unchained calculated from DefiLlama's stablecoin data. USDT had about $176 billion outstanding and USDC about $70 billion.
What the Group Announced in September
The 21 firms said on Sept. 1 that they would set up a new company in the second half of 2026, subject to closing conditions, to issue a stablecoin, and Unchained reported on the plan that day. A dollar token comes first, with a longer-term aim of expanding to other Group of Seven (G7) currencies, a euro version being the priority. The group is targeting the first half of 2027 to go to market.
Besides the four lenders the report named as committing the money, members include Bank of America, Wells Fargo, Fidelity Investments, BBVA, Lloyds Banking Group and MUFG Bank. The effort grew out of a group of 10 banks that said in October 2025 it was exploring a reserve-backed form of digital money.
The group said it intends to comply with the U.S. Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act and the European Union's Markets in Crypto-Assets (MiCA) regulation, "as applicable." The Sept. 1 announcement said the company's name would be announced later.
The group also faces other bank and corporate token efforts, some involving the same banks. JPMorgan, Citi, Bank of America and Wells Fargo plan a tokenized deposit network, which would put customer bank deposits on a blockchain, for 2027, while the Open USD stablecoin, whose backers include Coinbase, Visa and Stripe, already has about $924 million in circulation, according to DefiLlama.
Related Listen: Why Banks Failed to Kill Stablecoin Rewards in the Clarity Act
