I didn't expect Goldman and Citi to put $270M into a stablecoin company with no CEO and no name.
A 21-bank consortium is backing Project Faro, a US-incorporated issuer targeting a 2027 launch. The capital covers five years of operations. Tether and USDC control about 85% of a $290B market.
When the consortium went public in September, Circle's stock fell 6%. The banks are betting trust and client networks beat crypto-native distribution.
Do the banks win on trust, or arrive too late?
#Stablecoins #Crypto
NFA. I trade my own book. DYOR.
A 21-bank consortium is backing Project Faro, a US-incorporated issuer targeting a 2027 launch. The capital covers five years of operations. Tether and USDC control about 85% of a $290B market.
When the consortium went public in September, Circle's stock fell 6%. The banks are betting trust and client networks beat crypto-native distribution.
Do the banks win on trust, or arrive too late?
#Stablecoins #Crypto
NFA. I trade my own book. DYOR.