Goldman Sachs, Citi Back $270M Stablecoin Venture to Challenge Tether, Circle

Goldman Sachs Group Inc. (NYSE:GS), Citigroup Inc. (NYSE:C) and other major financial institutions have reportedly committed $270 million to a joint stablecoin venture targeting a launch in the first half of 2027. The initiative, known as Project Faro, aims to challenge the dominance of Tether (CRYPTO: USDT) andCircle Internet Group Inc. (NYSE:CRCL) in the roughly $290 billion stablecoin market.