A consortium of 21 financial institutions, including Goldman Sachs, Citigroup, and BBVA, has committed approximately $270 million to Project Faro, aiming to launch a US dollar stablecoin in the first half of 2027. The funding is intended to support five years of operations for the initiative, which plans to issue stablecoins pegged to the currencies of all G7 countries, with a euro-backed coin expected to follow. As of November 10, 2026, Tether's USDT and Circle's USDC dominate the stablecoin market, accounting for about 85% of the $290 billion market.