21 banks pledge approximately $270 million for Project Faro

Odaily reports: 21 banks have pledged approximately $270 million for Project Faro.

A banking consortium comprising 21 institutions has committed approximately $270 million to the U.S. dollar stablecoin project Project Faro. Goldman Sachs, Citigroup, Santander, and Deutsche Bank are reportedly among the participants. The project is scheduled to launch in 2027 and will be operated by a U.S.-registered issuer.

Fintech company SoFi has expanded its U.S. dollar stablecoin SoFiUSD to Polygon, having previously supported Ethereum and Solana. SoFi has also launched a tokenized deposit product called SoFi Earn, offering an annualized yield of 4.40% and convertible into SoFiUSD.

Tokens from federally chartered crypto bank Anchorage Digital can now settle transactions on the Visa network, with the first project involving Western Union's USDPT. Mastercard has launched stablecoin-related tools and payment features for AI agents, while Circle plans to pilot in Colombia to connect USDC settlement to Latin American banking channels.

The GENIUS Act was signed in 2025, establishing a U.S. regulatory framework for U.S. dollar stablecoins. Project Faro currently has no token, CEO, or final name; Tether and Circle still hold approximately 85% of the roughly $290 billion stablecoin market. (Decrypt)