A consortium of 21 financial institutions has committed about $270 million to Project Faro, which aims to issue a US dollar stablecoin in the first half of 2027. The launch is planned, not completed, and confirmed details remain limited. Bloomberg reported that the funding is intended to cover five years of operations and that the company plans to issue coins pegged to all G7 currencies, with a euro coin expected after the dollar launch.
People familiar with the matter said the company is expected to be incorporated in the US, according to Bloomberg. Some Faro members, including BBVA, are also involved in rival stablecoin initiatives.
