Global Banks Commit $270 Million to Stablecoin

Goldman Sachs, Citi, Santander and Deutsche Bank commit roughly $270 million to Project Faro, a joint dollar-stablecoin venture. This funding supports the group's plan to launch a U.S.-incorporated company by the first half of 2027, aiming to compete with Tether and Circle which control about 85% of the roughly $290 billion market.