A consortium of 21 banks invested about $270 million in Project Faro, a U.S. dollar stablecoin project. Goldman Sachs, Citigroup, Santander, and Deutsche Bank are reportedly among them. The project is slated to launch in 2027 and be operated by a U.S.-registered issuer. Odaily, citing a report by Decrypt, also noted that SoFi, Anchorage, Mastercard, and Circle are pursuing their own stablecoin settlement services, while Tether and Circle still account for about 85% of the roughly $290 billion market. Let’s see whether the market buys in—don’t rush in just because of a headline.