Key facts
- The 21-bank consortium behind Project Faro has grown from an initial group of 10 institutions.
- Project Faro has no token, no CEO and no final name, according to the report.
- Tether and Circle together control about 85% of a roughly $290 billion stablecoin market, per the report.
- SoFi said SoFiUSD is the first stablecoin from a US national bank and reaches its 17 million-plus members.
- Anchorage Digital said it anchored both sides of the US-Mexico stablecoin corridor, custodying tokens on a remittance route.
- Mastercard unveiled Agent Pay for Machines, letting AI agents transact in stablecoins.
Goldman Sachs, Citigroup, Santander and Deutsche Bank were reported to be among banks committing roughly $270 million to a joint dollar-stablecoin venture codenamed Project Faro, according to a November 15, 2026 report. The capital funds five years of operations for a US-incorporated issuer targeting a 2027 launch, part of a 21-institution coalition that has grown from an initial group of 10. The stated goal is to challenge Tether and Circle, which together still control about 85% of a roughly $290 billion market.
SoFi has moved faster on its own. Its SoFiUSD, billed as the first stablecoin from a US national bank, expanded onto Polygon in November 2026 alongside Ethereum and Solana, reaching the bank's 17 million-plus members. SoFi also launched SoFi Earn, a tokenized deposit paying 4.40% yield that converts into SoFiUSD, and settles its entire card program over Mastercard's network.
Anchorage Digital has positioned itself as a settlement backbone. Its tokens can now settle transactions on Visa's network, starting with Western Union's USDPT, and it recently anchored both sides of the US-Mexico stablecoin corridor, custodying tokens across one of the world's largest remittance routes.
Among card networks, Mastercard launched a Global Money Platform with acquired stablecoin firm BVNK, rolled out a Stablecoin Security tool to screen payments for fraud, and unveiled Agent Pay for Machines, letting AI agents transact in stablecoins. Visa has expanded its own stablecoin settlement program across multiple blockchains.