Goldman Sachs, Citigroup, Banco Santander, and Deutsche Bank are among the firms supporting the venture. Wells Fargo, Fidelity Investments, MUFG Bank, and Standard Bank also participate. Bloomberg described the USD 270 million commitment as funding for the new issuer's operations.
The group has not disclosed each institution's contribution or the ownership breakdown. It is searching for a chief executive, while the company has yet to receive a final name. Project Faro remains its internal name.
The latest effort follows an October 2025 initiative, when ten international banks began exploring digital money with one-to-one reserve backing. The proposed tokens would operate on public blockchains. By September 2026, the initiative had expanded to 21 financial institutions and announced plans for a separate company.
Other participants include Bank of America, Capital One, PNC Financial Services, UBS and Lloyds Banking Group. BBVA, Commerzbank, Crédit Agricole, Rabobank, TD Bank and Scotiabank also joined. WisdomTree and Sirius International Holding complete the reported list alongside the institutions already named.
