A consortium of 21 financial institutions has committed about $270 million to Project Faro, a stablecoin venture aiming to launch a U.S. dollar-pegged coin in the first half of 2027. According to Cointelegraph, the funding is intended to cover five years of the new company’s operations. The initiative plans to issue stablecoins pegged to the currencies of all G7 countries, with a euro-backed token expected after the dollar launch. The group first announced the project in September, and people familiar with the matter told Bloomberg the company is expected to be incorporated in the U.S. Participating banks include Citigroup, Goldman Sachs, Banco Santander, Deutsche Bank and BBVA. Some members are also involved in rival efforts: BBVA participates in Open USD and Qivalis, while Rabobank joined Qivalis in May. BNP Paribas was among 10 banks that first explored the initiative that became Faro in October 2025 and later joined Qivalis. Open USD is led by Stripe and includes Visa among its founding partners; Qivalis is a European banking consortium seeking to compete with U.S. dollar-pegged stablecoins.