21 financial organization will allocate $270 million for the Project Faro stablecoin

A consortium of 21 financial organizations, including American firms Goldman Sachs and Citigroup, as well as the Spanish bank BBVA, has committed to providing approximately $270 million to finance Project Faro – an initiative for issuing stablecoins. The first digital asset pegged to the US dollar is planned to be launched in the first half of 2027, according to Bloomberg, citing sources familiar with the project's plans.

The funding is intended to cover the operational expenses of the future company for five years. According to sources, it is planned to be registered in the US, although the final organizational details have not yet been disclosed. After launching the dollar-pegged coin, the consortium is considering issuing digital assets pegged to other currencies of the G7 countries, with the euro being a priority direction.

Banks are involved in several digital currency projects

The initiative was initially presented in September 2026. Among the participants of Project Faro are also the Spanish Banco Santander and the German Deutsche Bank. At the same time, some financial organizations are simultaneously involved in other stablecoin issuance projects.

In particular, BBVA is participating in Open USD and the European banking consortium Qivalis, and the Dutch Rabobank is also part of the latter. In May, Qivalis expanded to 37 banks, and in October 2026, it received permission from the Dutch Central Bank to operate as an electronic money institution. The consortium is preparing a euro-pegged coin for payments, international settlements, and tokenized asset operations.

Open USD is another initiative bringing together financial and technology companies around a common infrastructure for a dollar stablecoin. Among its participants are the payment system Visa and the technology company Stripe.

USDT and USDC occupy about 85% of the stablecoin market

The new project is entering a market where the majority of capitalization is accounted for by two digital assets. According to the analytical service DefiLlama, as of November 10, 2026, the total stablecoin market volume was about $290 billion. Of this amount, approximately $176.3 billion was accounted for by Tether's USDT, and another $70.4 billion by Circle's USDC.

The combined share of USDT and USDC reached approximately 85%, reflecting a high market concentration. The banking consortium already has payment networks and a customer base that could potentially facilitate the distribution of the new coin. However, it is still unclear how much the existing banking infrastructure will help Project Faro compete with existing issuers.

Detailed conditions for the issuance of future coins and the final parameters of the company's operations have not yet been presented. The launch of the dollar product remains scheduled for the first half of 2027.