Global banks commit $270 million to Project Faro stablecoin targeting 2027 launch
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Twenty-one institutions including Citigroup, Goldman Sachs, Deutsche Bank, Banco Santander and BBVA pledged about $270 million to Project Faro, enough for five years of operations. The venture aims to issue a US dollar stablecoin in the first half of 2027, then coins pegged to other G7 currencies, with a euro coin to follow; it was announced in September and is expected to incorporate in the US.
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