According to Bloomberg, Goldman Sachs, Citigroup, Wells Fargo, Fidelity, Mitsubishi UFJ and South Africa's Standard Bank participated in the stablecoin joint venture Project Faro and committed to invest approximately US$270 million to cover five-year operating costs. They will establish and issue U.S. dollar stablecoins in the United States, and then prioritize the launch of euro stablecoins. This article Goldman Sachs, Citigroup, and Wells Fargo join forces to form a stablecoin company, investing US$270 million in five-year operating costs. First appeared on Chain News ABMedia.
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According to Bloomberg, financial institutions such as Goldman Sachs and Citigroup have committed to invest approximately US$270 million to cover the operating costs of a stablecoin joint venture over the next five years. According to a report by CoinDesk citing Bloomberg, the joint venture, codenamed Project Faro, is expected to be established in the United States and will issue U.S. dollar stablecoins.
The report pointed out that in addition to the U.S. dollar stablecoin, Project Faro also plans to develop stablecoins that link the currencies of other seven major industrial countries (G7), giving priority to launching euro-denominated tokens.
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This US$270 million is used to cover the operating costs of the joint venture for five years and is not a reserve for the issuance of stable coins. The investment ratio of each bank, the name of the stable currency and the launch time have not yet been made public.
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Goldman Sachs, Citigroup, and Wells Fargo join forces to form stablecoin company, investing US$270 million in five-year operating costs
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