Goldman Sachs, Citi, Santander, and Deutsche Bank are among the banks committing roughly $270 million to a joint dollar-stablecoin venture codenamed 'Project Faro.' This initiative builds on a September announcement by 21 institutions, now including Wells Fargo, Fidelity, UBS, and Lloyds, aiming to launch a U.S. dollar stablecoin in the first half of 2027. The venture seeks to compete with Tether's USDT and Circle's USDC, which currently control about 85% of the market. The funding will support five years of operations for the planned company, which is still in search of a CEO and a final name.