Goldman, Citi and 19 Firms Launch Project Faro Stablecoin

Goldman Sachs and Citigroup are among the top financial firms launching a stablecoin, according to YahooStocks0, in a move that puts the banks in direct competition with established stablecoin issuers.

The project

The effort is being run under the name Project Faro. According to YahooStocks0, Goldman, Citi and 19 other top financial firms are behind the stablecoin launch, bringing some of Wall Street's largest banks into a market long dominated by specialist crypto issuers.

Competitive read

The source frames the venture as a direct challenge to Circle, the issuer behind one of the largest stablecoins, saying Project Faro "may be about to eat Circle's lunch."

Key facts

• Goldman Sachs and Citigroup are participating in the stablecoin launch.
• 19 other top financial firms are also involved.
• The initiative is named Project Faro.
• The source positions the project as competition for Circle.