🏦 Goldman Sachs, Citi and other banks commit $270M to a joint stablecoin venture
Goldman Sachs, Citigroup and other financial giants including Santander and Deutsche Bank have committed around $270 million to their joint stablecoin venture, Bloomberg reported, citing people familiar with the matter.
The funds are meant to cover five years of operating costs for the venture, known as Project Faro, which plans to issue a dollar-denominated stablecoin and is expected to be incorporated in the U.S. Wells Fargo, Fidelity, MUFG and Standard Bank are also involved.
Project Faro also aims to develop stablecoins pegged to other G7 currencies, with a euro-denominated token taking priority.
⭐ A multi-year funding commitment from some of the world's biggest banks signals Wall Street is getting serious about competing in the stablecoin market.
#Stablecoin #ProjectFaro #Banks #Crypto
Goldman Sachs, Citigroup and other financial giants including Santander and Deutsche Bank have committed around $270 million to their joint stablecoin venture, Bloomberg reported, citing people familiar with the matter.
The funds are meant to cover five years of operating costs for the venture, known as Project Faro, which plans to issue a dollar-denominated stablecoin and is expected to be incorporated in the U.S. Wells Fargo, Fidelity, MUFG and Standard Bank are also involved.
Project Faro also aims to develop stablecoins pegged to other G7 currencies, with a euro-denominated token taking priority.
⭐ A multi-year funding commitment from some of the world's biggest banks signals Wall Street is getting serious about competing in the stablecoin market.
#Stablecoin #ProjectFaro #Banks #Crypto
