Goldman, peers said to put about $270M in stablecoin

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