Goldman Sachs, Citi Back $270M Stablecoin Venture Project Faro

Goldman Sachs and Citigroup are among a group of banks that have committed approximately $270 million to a stablecoin venture known as Project Faro, according to people familiar with the matter. The venture plans to issue a dollar-denominated stablecoin and is expected to be incorporated in the United States.

The investment marks one of the largest institutional bets on stablecoins to date, as traditional financial firms deepen their involvement in digital assets. While the exact ownership structure and timeline were not immediately disclosed, the commitment from major banks underscores growing confidence in stablecoins as a bridge between traditional finance and crypto. Neither Goldman Sachs nor Citigroup commented publicly on the deal.

The move could accelerate mainstream adoption of stablecoins and pressure regulators to provide clearer guidelines for such ventures. It also signals that major banks are preparing for a future where tokenized dollars play a central role in payments and settlements. Observers will watch for further details on Project Faro's backers, technology partners, and regulatory strategy in the coming weeks.