DECRYPT · 2026-11-15 16:01 UTC

How Wall Street Is Racing to Claim the Onchain Dollar

Goldman Sachs, Citigroup, Santander and Deutsche Bank are reported to be among banks committing roughly $270 million to a joint dollar-stablecoin venture codenamed "Project Faro," targeting a 2027 launch. The coalition has grown from 10 to 21 institutions, and aims to challenge Tether and Circle, which together control about 85% of a roughly $290 billion stablecoin market. SoFi expanded its SoFiUSD stablecoin onto Polygon, and Mastercard and Visa have launched their own stablecoin settlement products, with the article attributing the push largely to the GENIUS Act regulatory framework.

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