Goldman Sachs, Citigroup, Santander and Deutsche Bank were reported to be among a 21-institution group committing roughly $270 million to Project Faro, a proposed dollar-stablecoin venture. The money would fund five years of operations for a U.S.-incorporated issuer targeting a 2027 launch. The project has no token, CEO or final name, and Tether and Circle still control about 85% of the roughly $290 billion stablecoin market.
Other firms have moved beyond plans: SoFi expanded SoFiUSD to Polygon, Anchorage Digital’s tokens can settle transactions on Visa’s network, and Circle agreed to bring USDC settlement to banking rails in Latin America, starting with a Colombia pilot. The source describes the GENIUS Act, signed in 2025, as a catalyst for banks entering the market.
