Goldman Sachs, Citigroup, and 21 other institutions have pooled $270 million to launch their own USD stablecoin. According to Bloomberg, this money will cover the new company's operating expenses for the next five years. The project's internal codename is Project Faro, where "Faro" means lighthouse in Spanish. The plan is to launch the USD stablecoin in the first half of 2027; a CEO is still being selected, and the name has not yet been decided. Compare this to the payment companies: OpenUSD, spearheaded by Coinbase, Mastercard, Shopify, Stripe, and Visa, launched in September, with the five companies committing $1 billion in liquidity. The two largest players are still USDT and USDC, accounting for approximately 85% of the market. The lighthouse is still under construction. We'll see if it lights up in the first half of next year.