Huo Xing Finance reports that on November 11, Bloomberg, citing sources familiar with the matter, stated that financial institutions including Goldman Sachs, Citigroup, Santander, and Deutsche Bank have committed approximately $270 million to the joint stablecoin project Project Faro, with funds intended to cover five years of operational expenses for the new company. The initiative, announced in September by 21 institutions, aims to launch a USD-pegged stablecoin in the first half of 2027, followed by stablecoins pegged to other currencies, with the euro stablecoin being the first. According to sources, the new company responsible for issuing the stablecoin is expected to be registered in the United States and is currently seeking a CEO; its official name is still under discussion. Goldman Sachs and Citigroup referred inquiries to the project’s spokesperson, who declined to comment; Santander and Deutsche Bank also declined to comment. Project Faro was initially launched in 2025 by a small group of banks to explore issuing digitally native currencies backed by full reserves on public blockchains. The project has since expanded its participation, with Wells Fargo, Fidelity Investments, UBS, and Lloyds Banking Group also joining as participants. Several traditional financial institutions are advancing other stablecoin initiatives: Visa, Mastercard, and Stripe are among more than 100 companies supporting Open Standard, a stablecoin issuer, while several European banks have formed Qivalis to issue a euro-pegged stablecoin. The total market capitalization of circulating stablecoins is currently around $290 billion, nearly all of which are pegged to the U.S. dollar. Despite accelerated efforts by major financial institutions, new entrants still struggle to challenge the dominance of existing issuers. According to DefiLlama data, Tether’s USDT and Circle’s USDC together account for approximately 85% of the stablecoin market.