Tomas RADA

Masuknya sebuah perusahaan ke dalam indeks saham utama biasanya menjadi tanda legitimasi institusional. Bagi Strategy, pemegang bitcoin korporat terbesar, menjadi bagian dari Indeks MSCI USA memberikan aliran modal yang stabil dari dana pasif yang diwajibkan oleh aturan mereka sendiri untuk memiliki semua saham yang tercantum dalam indeks tersebut. Saluran itu kini akan ditutup. MSCI telah mengonfirmasi bahwa Strategy akan dikeluarkan dari indeks saham globalnya setelah penutupan perdagangan pada 30 November [1].
Keputusan ini menyusul perubahan pandangan MSCI terhadap perusahaan yang lebih menyerupai kumpulan aset daripada bisnis tradisional. Pada 15 Oktober, penyedia indeks tersebut mengadopsi aturan baru untuk perusahaan nonoperasional. Aturan ini menilai lima ukuran keuangan dan aset operasional perusahaan untuk menentukan apakah perusahaan tersebut memenuhi syarat untuk masuk ke indeks saham standar. Strategy bukan satu-satunya perusahaan yang terkena aturan ini. Metaplanet, perusahaan pengelola perbendaharaan bitcoin yang terdaftar di Tokyo, juga akan dikeluarkan dari Indeks MSCI Japan Small Cap [1].

A consortium of 21 major financial institutions has committed approximately $270 million to launch a regulated stablecoin business known as Project Faro [1, 2]. Capital raised for the venture is budgeted to cover five years of operational expenses for the new company, which was first publicly disclosed in September [1, 2].
The banking group includes Goldman Sachs, Citigroup, Banco Santander, Deutsche Bank, Wells Fargo, Fidelity, Mitsubishi UFJ Financial Group (MUFG), Standard Bank, and BBVA [1, 2]. The entity plans to operate as a regulated issuer, with an initial goal of releasing a U.S. dollar-denominated stablecoin in the first half of 2027 [2].
STRUCTURE AND INTERNATIONAL EXPANSION
Project Faro is expected to be incorporated within the United States [1, 2]. While the dollar-backed token is the initial product on the schedule, the venture plans to issue tokens pegged to all Group of Seven currencies [1, 2]. Priority for the second phase is assigned to a euro-denominated asset [1, 2].
The foundation of the project dates back to October 2025, when a group of 10 banks, including France's BNP Paribas, began evaluating a shared issuance structure [2]. Since then, institutional participation has crossed into several overlapping consortia rather than single-vendor commitments [2].
Several members of Faro maintain stakes in competing digital currency initiatives [2]. BBVA, Rabobank, and BNP Paribas are simultaneously involved with Qivalis, a European banking consortium formed to challenge U.S. dollar token dominance [2]. Rabobank joined Qivalis in May 2026 alongside 25 other lenders, bringing that group's total membership to 37 banks [2]. Qivalis received formal authorization as an electronic money institution from the Dutch central bank in October 2026 [2].
In addition, over 140 commercial entities, including Stripe, Visa, Mastercard, and BlackRock, formed the Open USD stablecoin project in June [1, 2]. Participating in multiple groups lets commercial banks evaluate different issuance models while securing access to potential settlement infrastructure [2].
ESTABLISHED MARKET LEADERS
Project Faro enters a sector currently controlled by two major issuers [2]. DefiLlama metrics as of November 10 place total stablecoin market capitalization at roughly $290 billion [2]. Tether's USDT accounts for $176.3 billion of that total, while Circle's USDC represents approximately $70.4 billion [2]. Combined, these two tokens represent about 85% of the active market [2].
Bank-backed initiatives aim to compete by using established corporate relationships rather than building retail crypto distribution networks from scratch [2]. Member banks already handle corporate treasuries, commercial payment networks, and merchant relationships that can serve as direct settlement rails [2].
REGULATORY FRAMEWORKS AND YIELD RULES
Regulatory changes in the United States are reshaping stablecoin mechanics [3]. The GENIUS Act takes effect in January, prohibiting stablecoin issuers from paying yield directly to token holders simply for holding the asset [3]. Revenue sharing executed through third-party partners remains subject to evaluation, following guidance published in October by the Office of the Comptroller of the Currency [3].
Interest generation remains a central point of competition between token structures [3]. Real-world asset stablecoins backed by private credit currently sustain yields between 5% and 7%, while native crypto funding rates sit near 4% [1]. Market estimates project the total addressable market for off-chain yield stablecoins to reach $4 billion over three years [1].
Because conventional reserve-backed stablecoins collect interest on underlying assets without distributing returns to end users, corporate treasuries are evaluating whether standard stablecoins or bank-backed deposit tokens fit their operational requirements [3].
TOKENIZED DEPOSITS AND INFRASTRUCTURE
Alongside shared stablecoin consortia, individual lenders are testing tokenized bank deposits [3]. Tokenized deposits represent commercial bank deposits recorded on a blockchain, giving them programmable transfer logic while retaining direct deposit insurance claims [3]. A research paper by Capgemini and Quant noted that banks can support round-the-clock transfers using tokenized deposits without replacing their underlying core banking software [3].
JPMorgan Chase has deployed its JPM Coin deposit token on the Base network and plans to expand the asset to Ethereum [3]. Holdings remain restricted to vetted corporate clients that satisfy bank verification requirements [3].
Inter-bank settlement systems are also undergoing regional testing [3]. In the United Kingdom, seven commercial banks completed live pilot transfers using tokenized British pound deposits through the Great British Tokenized Deposit initiative [3]. In Germany, the Commercial Bank Money Token initiative finalized its initial live inter-bank payments in May [3]. In the United States, 25 banking institutions are working with The Clearing House to construct a shared tokenized deposit clearing network [3].
Crypto-native firms are simultaneously seeking licensed banking access [3]. Payward, the parent company of exchange operator Kraken, agreed to buy Lithuania-licensed Saldo Bank in a deal expected to close in 2027 subject to regulatory approval [3]. That deal follows Kraken Financial becoming the first digital asset bank to receive a Federal Reserve master account in March [3].
Project Faro plans to complete its U.S. incorporation and launch its first dollar-backed stablecoin in the first half of 2027, following the statutory implementation of the U.S. GENIUS Act rules in January [2, 3].
SOURCES
1. CoinDesk, "Goldman Sachs, Citi among banks said to commit $270 million to stablecoin venture", https://www.coindesk.com/business/2026/11/10/goldman-sachs-citi-among-banks-said-to-commit-usd270-million-to-stablecoin-venture
2. Cointelegraph, "Global banks commit $270M to stablecoin venture targeting 2027 launch", https://cointelegraph.com/news/banks-270m-project-faro-stablecoin-2027
3. CoinDesk, "Will stablecoins survive once the banks catch up?", https://www.coindesk.com/opinion/2026/11/10/will-stablecoins-survive-once-the-banks-catch-up
The version with the chart, the photos and clickable sources is on amk.news: https://amk.news/article/project-faro-global-banks-commit-270m-to-new-stablecoin-venture