According to CoinMeta, as reported by Decrypt, Wall Street is accelerating its bid to dominate the dollar on blockchain. A consortium of 21 banks has pledged to invest approximately $270 million in the “Faro Project.” This project aims to challenge the current market dominated by Tether and Circle. Sofi has expanded its stablecoin SofiUSD to Polygon and has collaborated with Visa and Mastercard to launch stablecoin tools. Changes in regulatory policies have acted as a catalyst for this trend, with Wall Street, blockchain networks, and stablecoin companies all vying to enter this field.