A 21-bank consortium has committed about $270 million to Project Faro, a planned dollar stablecoin issuer.
Project Faro is backed by Goldman Sachs, Citigroup, BBVA, Santander and Deutsche Bank.
The funding is intended to cover five years of operations for the planned company.
It aims to issue a US dollar stablecoin in the first half of 2027, with a euro-backed coin expected to follow.
The venture is expected to be incorporated in the US and is still searching for a chief executive.
๐ฌ Would bank-issued stablecoins change how you view digital payments?
Source: Cointelegraph, Decrypt, CoinDesk
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