Global Banks Commit $270M for Stablecoin Venture

Global banks launched a $270 million joint dollar stablecoin venture today, while the US Treasury moved to sever MEXC Global from the domestic financial system over alleged illicit transactions.

1. Global Banks Launch $270M Joint Dollar Stablecoin Venture Lenders including Goldman Sachs, Citi, and Santander committed $270 million to fund Project Faro, targeting an initial US dollar stablecoin launch in the first half of 2027 to compete with Tether and Circle.

2. FinCEN Moves to Cut MEXC Global from US Financial System The US Treasury alleged MEXC facilitated $16.7 billion in illicit flows, prompting OKX to warn users against direct transfers ahead of an impending domestic ban.

3. CertiK Urges Hard Hot-Wallet Caps After $6.3B Binance Breach Cybersecurity firm CertiK advised exchanges to implement absolute dollar limits on hot wallets, arguing rigid cold-storage ratios fail to manage exposure during massive exploits.

4. Polymarket Annualized Revenue Reaches $1.8B The prediction market's October domestic trading volume reached $14.5 billion, while the CFTC continues a broad inquiry into its advertising practices and settlement compliance.

5. Trump Media Reports $409.7M Q3 Net Income on Bitcoin Markups The company posted a $378.1 million gain on digital assets, masking a $23.6 million operating loss, and held 15,649 $BTC at the quarter's end.

Numbers Bitcoin traded at $73,660, down 1.5% over 24 hours, while the total market capitalization fell 2.8% to $2.44 trillion amid a Fear and Greed index reading of 32.

Watch

• The exact publication date in the Federal Register for the FinCEN order, which triggers a 30-day countdown for the US ban on processing MEXC funds.
• The conclusion or formal findings of the CFTC's compliance probe regarding Polymarket's historical US user access and promotional campaigns.