[21 Banks Pledge Approximately $270 Million to Project Faro] Odaily reports that 21 banks have pledged approximately $270 million to Project Faro. A consortium of 21 banks has committed approximately $270 million to the USD stablecoin project Project Faro. Goldman Sachs, Citigroup, Santander, and Deutsche Bank are reportedly among the participants. The project is planned for launch in 2027 and will be operated by a US-registered issuer. Fintech company SoFi has expanded its USD stablecoin, SoFiUSD, to Polygon, having previously supported Ethereum and Solana. SoFi has also launched a tokenized deposit product, SoFi Earn, with an annualized yield of 4.40%, convertible to SoFiUSD. The token of federally chartered crypto bank Anchorage Digital is now available for settlement on the Visa network, with its first project involving Western Union's USDPT. Mastercard has launched stablecoin-related tools and payment functionality for AI agents, while Circle plans to pilot USDC settlements through Latin American banking channels, starting in Colombia. The GENIUS Act, signed in 2025, establishes a US regulatory framework for USD stablecoins. Project Faro currently has no token, CEO, or final name; Tether and Circle still hold approximately 85% of the $290 billion stablecoin market. (Decrypt)