COINTELEGRAPH · 2026-11-10 23:09 UTC

Global banks commit $270M to stablecoin venture targeting 2027 launch

A consortium of 21 financial institutions has committed about $270 million to Project Faro, a stablecoin initiative aiming to launch a US dollar stablecoin in the first half of 2027. The funding is meant to cover five years of operations, with plans for stablecoins pegged to all G7 currencies and a euro-backed coin to follow the dollar launch. Tether's USDT and Circle's USDC account for about 85% of the roughly $290 billion stablecoin market as of Nov. 10, according to DefiLlama.

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