Follow UsGoldman, Citi and Global Banks Commit $270 Million to Challenge Crypto’s Stablecoin Giants
Bearish+0.02%
10 Nov, 18:33
Source: Decrypt
AI Summary
Traditional financial institutions Goldman Sachs and Citigroup are committing $270 million to fund a new stablecoin issuer, intensifying institutional competition against crypto-native leaders Tether and Circle.
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.