Big banks commit ~$270M to joint stablecoin venture
Bloomberg reports a 21-member group including Goldman, Citi, Santander and Deutsche Bank has committed about $270M to 'Project Faro'. Grayscale and Moody's/Chainlink also made institutional moves.
What we know
The Block reports, citing Bloomberg, that Goldman, Citi, Santander and Deutsche Bank committed ~$270M to a joint stablecoin venture. CoinDesk reports Grayscale offers in-kind swaps across 10 ETPs, and Moody's and Chainlink completed a CCIP pilot. Plume's affiliate won FINRA membership and SEC broker-dealer registration.
How the story developed
Bloomberg reports a 21-member group including Goldman, Citi, Santander and Deutsche Bank has committed about $270M to 'Project Faro'. Grayscale and Moody's/Chainlink also made institutional moves.
Goldman, Citi, Santander and Deutsche Bank have reportedly committed about $270M to a joint stablecoin venture. Moody's/Chainlink and Plume also made institutional moves.
Sources
“around $270 million to a joint stablecoin venture known internally as Project Faro”
View post →“Moody's and Chainlink complete a pilot for distributing credit ratings”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.