Goldman Sachs, Citi among banks said to commit $270 million to stablecoin venture
Summary
Major financial institutions, including Goldman Sachs and Citigroup, are reportedly investing millions into a new cryptocurrency initiative. Known as Project Faro, the enterprise aims to establish a United States-based venture that will issue a digital token pegged to the American dollar.
The venture, known as Project Faro, plans to issue a dollar-denominated stablecoin and is expected to be incorporated in the U.S.
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