Goldman Sachs and Citi said to back $270 million stablecoin venture Project Faro

Goldman Sachs and Citi are reportedly among banks committing $270 million to a stablecoin venture called Project Faro. The project plans to issue a dollar-denominated stablecoin and is expected to be incorporated in the U.S. Traders would read major-bank backing for a dollar stablecoin as institutional validation of tokenized payments, a positive signal for stablecoin adoption and crypto market confidence.