Wall Street is accelerating its push into stablecoins, led by a consortium of 21 banks committing roughly $270 million to Project Faro. The consortium, which includes Goldman Sachs, Citigroup, Santander and Deutsche Bank, is targeting a 2027 launch to challenge Tether and Circle, which still control about 85% of a roughly $290 billion market. SoFi expanded SoFiUSD to Polygon and launched SoFi Earn, a tokenized deposit offering a 4.40% yield, while Anchorage now enables its tokens to settle on Visa’s network. Mastercard and Visa have also expanded their stablecoin services, and Circle is bringing USDC settlement to banking rails in Latin America. The race follows the enactment of the GENIUS Act in 2025, which established the first U.S. regulatory framework for dollar-backed tokens and opened the door to regulated financial institutions.
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