[Goldman Sachs, Citigroup, and 21 other institutions plan to invest approximately $270 million in a joint USD stablecoin project to challenge Tether and Circle] According to Decrypt, a consortium of 21 institutions, including Goldman Sachs, Citigroup, Santander, and Deutsche Bank, has pledged approximately $270 million for the operation of a USD stablecoin project codenamed "Project Faro" over the next five years. The issuer will be registered in the US, with a target launch date of 2027. Currently, Tether and Circle together account for 85% of the approximately $290 billion stablecoin market. The project currently has no token, CEO, or final name. Meanwhile, SoFi is expanding its SoFiUSD offering to Polygon, Anchorage Digital's tokens are now settleable via the Visa network, and Mastercard, in partnership with BVNK, has launched the Global Money Platform.