Banks fund large stablecoin consortium
Goldman Sachs, Citigroup, Santander, and Deutsche Bank are among the banks committing roughly $270 million to a joint dollar-stablecoin venture codenamed "Project Faro." This 21-bank consortium aims to challenge Tether and Circle, which together control about 85% of a $290 billion market. The capital funds five years of operations for a U.S.-incorporated issuer targeting a 2027 launch, as part of a 21-institution coalition that has swelled from an initial group of 10. The 2025 GENIUS Act provides the regulatory framework for these institutions to enter the dollar-pegged token market. Project Faro currently lacks a token, a CEO, and a final name.
Payment networks and banks deploy settlement rails
SoFi expanded its SoFiUSD stablecoin to Polygon this month alongside Ethereum and Solana to reach its 17 million-plus members. The bank, which bills SoFiUSD as the first stablecoin from a U.S. national bank, also launched SoFi Earn, a tokenized deposit paying 4.40% yield that converts into SoFiUSD. SoFi settles its entire card program over the Mastercard network.
| Feature | Detail |
|---|---|
| SoFi Earn Yield | 4.40% |
| SoFi Member Count | 17 million+ |
| Project Faro Target Launch | 2027 |
| Stablecoin Market Size | $290 billion |
Anchorage Digital, a federally chartered crypto bank, positions itself as a settlement backbone. Its tokens now settle transactions on the Visa network, starting with Western Union’s USDPT. The firm also anchored both sides of the U.S.-Mexico stablecoin corridor by providing custody for tokens across a major remittance route. Mastercard has been the most aggressive incumbent among payment giants. It launched a Global Money Platform with the acquired firm BVNK, a Stablecoin Security tool to screen payments for fraud, and Agent Pay for Machines to let AI agents transact in stablecoins. Visa expanded its stablecoin settlement program across multiple blockchains. Circle brings USDC settlement to banking rails in Latin America through a pilot in Colombia, as part of a broader expansion into dozens of emerging markets. The Trump administration frames dollar stablecoins as a tool to extend the reach and global hegemony of the dollar, as banks that once dismissed crypto now see a settlement business they can’t afford to cede.
