Goldman, Citi Among Banks in $270 Million Stablecoin Backing

Major banks including Goldman Sachs, Citigroup, Santander, and Deutsche Bank have pledged $270 million to a new bank‑backed stablecoin venture known as “Project Faro,” aiming to challenge crypto giants Tether and Circle over a five‑year horizon. The funding reflects traditional finance’s growing push into digital assets. The initiative signals confidence in regulatory‑compliant tokens and could pave the way for broader institutional adoption of stablecoins in payment and settlement systems.