Goldman, Citi and Global Banks Commit $270 Million to Challenge Crypto’s Stablecoin Giants
Summary
Major global financial institutions, including Goldman Sachs and Citigroup, have pledged $270 million to support a new venture aiming to compete with existing stablecoin market leaders. Known as Project Faro, the United States-based issuer will use the five-year funding to establish its operations. Traditional banking players are entering the digital asset sector to challenge established crypto firms.
The funding, backing a U.S.-incorporated issuer codenamed “Project Faro,” covers five years of operations as traditional lenders move to challenge crypto-native giants Tether and Circle.
Source: Read the full story at Decrypt
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