A consortium of 21 banks has committed about $270 million to Project Faro, a U.S. dollar stablecoin project. According to Odaily, Goldman Sachs, Citigroup, Santander and Deutsche Bank are among the reported participants. The project is planned to launch in 2027 and will be operated by a U.S.-registered issuer.
SoFi has expanded its dollar stablecoin SoFiUSD to Polygon, adding to its existing support for Ethereum and Solana. The fintech company also launched SoFi Earn, a tokenized deposit product offering a 4.40% annualized yield and convertible to SoFiUSD.
Tokens issued by federally chartered crypto bank Anchorage Digital can now settle transactions on Visa’s network; the first initiative involves Western Union’s USDPT. Mastercard launched stablecoin-related tools and payment features for AI agents. Circle plans to begin a pilot in Colombia to connect USDC settlement to banking channels in Latin America.
The GENIUS Act was signed in 2025, establishing a U.S. regulatory framework for dollar stablecoins. Project Faro has not yet announced a token, CEO or final name. Tether and Circle account for about 85% of the stablecoin market, valued at about $290 billion.