Eight major banks and asset managers have invested about $270 million in the Faro project. They plan to issue their own stablecoin. The launch is slated for the first half of 2027.
What a stablecoin is. It is a coin whose exchange rate is pegged to the dollar or another currency. It is held instead of money in an account and is also used to pay within the crypto market.
Why this matters to a trader. This is about what settlements on the market will run through in 2027.
Who provided the money?
Bloomberg reported the amount and the participants, and CoinDesk retold the story on November 10. The contribution covers not the development of a single coin, but the operating expenses of a separate legal entity for five years.
- Goldman Sachs and Citigroup - banks from the US
- Santander, Deutsche Bank - European banks
- Wells Fargo, Fidelity - a US bank and asset manager
- MUFG, Standard Bank - Japan and South Africa
How is the project structured?
Project Faro first surfaced in September 2026. The issuing company is planned to be registered in the US.
- Dollar coin. It will be issued first.
- G7 currencies. Next, the plans include stablecoins for other currencies of the group.
- Euro in priority. The token in this currency comes after the dollar.
What does this mean for a trader?
Right now crypto turnover rests on stablecoins from private issuers. Now banks with trillion-dollar balance sheets are preparing to issue their own coin.
The main point: the banking coin will have its own access and reporting rules. This changes the settlement conditions for everyone who trades crypto, including on a prop firm account - you can check available markets via the challenge selector.
Who else is doing the same?
Faro is not the only such attempt. In June 2026, more than 140 companies united around a separate stablecoin, Open USD.
- Stripe, Visa, Mastercard, BlackRock - among the Open USD participants
- Links between the two projects have not yet been announced
What happens next?
There are no official confirmations from the banks. They did not respond to CoinDesk's request for comment.
- First half of 2027 - launch of the dollar coin
- Choice of regulator under which the issuer will operate
Are your deposit and profit counted in a stablecoin?
For a crypto trader, almost everything runs through a stablecoin. The deposit sits in it, and the result of a trade is counted in it. On a prop firm account, this is a separate clause in the rules: which pairs are available, in what the loss is accounted, and whether a position can be held overnight and over the weekend. These lines are read before paying for the evaluation, not after the account is closed. The calculator selects programs by market and immediately shows their restrictions.