A consortium of 21 financial institutions announced plans on Sept. 1, 2026, to establish a U.S.-incorporated stablecoin issuer, according to Bloomberg. The venture, internally called Project Faro, has a $270 million commitment to cover five years of operating costs; that money is separate from the reserves participants expect to hold against its stablecoins.
The consortium is recruiting a CEO and preparing for a commercial launch in the first half of 2027, starting with a U.S. dollar stablecoin. The plans remain subject to closing conditions and required approvals. The group has not disclosed its blockchain networks, reserve custody arrangements, redemption system or final ownership structure.
