# How Wall Street Is Racing to Claim the Onchain Dollar

- URL: https://talkfuse.com/story/how-wall-street-is-racing-to-claim-the-onchain-dollar/
- Published: 2026-11-15T16:01:02+00:00
- Updated: 2026-11-15T16:18:49+00:00
- Original publisher: Decrypt
- Original article: https://decrypt.co/383284/how-wall-street-racing-onchain-dollar-stablecoins
- Topics: Crypto

## Key points

- Banks are entering the stablecoin market.
- Project Faro reportedly has about $270 million in backing.
- Tether and Circle still hold roughly 85% of the market.

## Summary

Wall Street banks, payment networks and crypto firms are moving to expand their role in dollar stablecoins, which until recently were largely a crypto trading tool. Their push matters because it could bring regulated financial institutions into the infrastructure for digital dollar payments, challenging the dominance of Tether and Circle.

A group of 21 institutions is reportedly committing about $270 million to Project Faro, a planned US stablecoin issuer targeting a 2027 launch; it has no final name, CEO or token yet. Tether and Circle still control about 85% of a market worth roughly $290 billion. SoFi has launched its SoFiUSD across three blockchains, while Visa, Mastercard, Anchorage Digital and Circle are also expanding stablecoin payment and settlement services. The article identifies the 2025 GENIUS Act as a catalyst, providing a US regulatory framework for dollar-pegged tokens.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.