Competition for on-chain dollar market share accelerates among traditional financial institutions
CRCL Circle Internet Group Inc
$62.20 -2.54%
View chart & analysis → - 1Goldman Sachs, Citigroup, Santander, and Deutsche Bank have pledged approximately $270 million in capital to participating banks in Project Faro.
- 2Tether and Circle hold 85% of the market share in the approximately $290 billion market.
- 3Large traditional financial institutions are making major moves to capture the on-chain dollar market.
So what's the key point?
Large banks like Goldman Sachs have decided to commit about $270 million to participate in the digital dollar market. With Tether and Circle currently holding 85% of the market, major institutions are moving to secure their own share.
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