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# Newsletter: Week 09 -13  November
- URL: https://www.thenextvertical.com/newsletter-week-09-13-november/
- Published: 2026-11-14T08:28:12.000Z
- Updated: 2026-11-14T09:33:58.000Z
- Author: The Next Vertical 
- Tags: Newsletter

**Five market signals from the past week**

Three things stood out this week. Major banks are moving toward shared stablecoin infrastructure and bringing digital assets into corporate banking workflows. AI is becoming both a capital-markets event and a governance constraint inside banks.

**01 — Goldman Sachs and Citi reportedly back Project Faro with $270 million**  
  
Goldman Sachs, Citigroup, Santander and Deutsche Bank are among 21 financial institutions reportedly committing about $270 million to fund five years of operations at Project Faro, a consortium-backed U.S.-based stablecoin venture. Bloomberg reported the commitment; the banks and project representatives did not publicly confirm the details.

**02 — Anthropic sets an IPO range implying roughly $1.4 trillion**  
  
Anthropic’s amended SEC filing offers 825 million Class A shares at $70 to $78, including 801.35 million shares offered by the company and 23.65 million offered by selling stockholders. At the top of the range, the implied fully diluted valuation is roughly $1.4 trillion; pricing is not final, and trading is expected around November 19 on Nasdaq under ticker “ANT.”

**03 — PNC pilots stablecoin payments for corporate clients with Coinbase**  
  
PNC Bank and Coinbase launched a limited pilot allowing eligible corporate and institutional clients to receive stablecoin payments in Circle’s USDC on Ethereum. Incoming USDC is automatically converted 1:1 into dollars, with proceeds deposited into the client’s designated PNC account; Coinbase provides payment APIs while PNC provides banking and treasury services.

**04 — Deutsche Bank launches digital-asset custody in Europe**  
  
Deutsche Bank launched digital-asset custody for institutional and corporate clients in Europe, beginning in Germany and operating under MiCA. The service supports Bitcoin, Ether and selected stablecoins, including USDC, EURC and AllUnity’s EURAU; Deutsche Bank manages clients’ wallets and private keys.

**05 — Goldman’s AI coding restrictions expose a governance divide**  
  
Goldman Sachs has restricted Claude Code and GitHub coding tools largely to engineers and quantitative specialists, reversing a broader employee rollout after an internal review of productivity and risk management. BNY continues to allow non-engineering staff to build on its governed Eliza platform, while Deutsche Bank keeps tools with developers and MUFG built an in-house alternative.

**THE QUESTION FOR FINANCIAL LEADERS**

**As stablecoins, AI tools and digital assets enter core banking workflows, who will own the customer relationship, authorize the payment and remain accountable when the system fails: banks, technology platforms, or the institutions building the infrastructure between them?** 

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