Citi, banks said to commit $270M to stablecoin

Citigroup (C), Goldman Sachs and other banks committed about $270 million to their joint stablecoin venture, Project Faro, Bloomberg reported on Tuesday November 10. That money covers five years of running costs. The group plans a digital token tied to the US dollar, with a euro version next in line. Tommy Tuberville and John Fetterman both hold Citigroup (C).