Wall Street is truly on edge this time. Goldman Sachs, Citigroup, Deutsche Bank, Santander, and 21 other financial institutions have pooled approximately $270 million to jointly launch a company issuing a stablecoin in the US dollar. The project is internally called Project Faro. Last October, only 10 banks were considering it; this September, the number reached 21, and the company was officially announced. This sum is enough to sustain the new company for five years. The company plans to register in the US, initially issuing US dollars in the first half of 2027, followed by euros. Most interestingly, a CEO hasn't been found, the company name hasn't been decided, but the funding is already secured. The list also includes Wells Fargo, Bank of America, UBS, Fidelity, and Mitsubishi UFJ Financial Group—almost half of the traditional financial sector is involved, except for JPMorgan Chase. They're aiming to take over the market share of Tether and Circle. Currently, approximately 85% of the world's stablecoins are issued by these two companies: USDT and USDC. Banks have no shortage of customers, and they plan to leverage this customer network to grab that 85% market share. A group of 21 large institutions has teamed up to challenge these two cryptocurrency companies—that's quite a show of force, but they haven't found a leader yet.