Quick wrap: Banks fund stablecoin, Visa adds Monad, eToro

Big banks are putting real money behind a joint dollar stablecoin, Visa is widening its on-chain settlement menu, and eToro shows what a crypto trading slump does to earnings.

MoneyTurkey Crypto Desk | 10 November 2026

Banks commit about $270 million to Project Faro

Goldman Sachs, Citigroup, Santander, Deutsche Bank and other members of a 21-firm group have committed around $270 million to cover five years of running costs for their joint stablecoin company, Bloomberg reported on Tuesday, citing people familiar with the matter. The venture, known as Project Faro, plans to issue a dollar stablecoin from a US-incorporated company and later add other G7 currencies, with a euro token first. The group said in September it aims to go to market in the first half of 2027. The banks did not immediately comment.

Visa adds Monad for stablecoin settlement

Visa has added the Monad blockchain to its stablecoin settlement programme, so participating card issuers and acquirers can settle through it, the Monad Foundation said. Monad joins networks Visa already supports, including Ethereum, Solana, Avalanche, Stellar and Base. Visa put its annualised stablecoin settlement run rate at $20 billion as of September.

eToro profit falls 74% as crypto trading cools

Trading platform eToro said third-quarter net income fell 74% from a year earlier to $15 million, as weaker crypto trading cut its net contribution 13% to $186 million. Crypto trades in October were down 62% year on year at 2 million. The company also announced a $250 million share buyback.

For information only. Not investment advice.

Sources

• CoinDesk, citing Bloomberg
• Bloomberg Law
• Wells Fargo newsroom (group announcement)
• The Block (Visa and Monad)
• eToro results release
• The Block (eToro)