{"id":"1794417760445-money-segment","slug":"banks-bet-270m-on-their-own-stablecoin","title":"Banks Bet $270M on Their Own Stablecoin","summary":"The October 2026 CPI report, released November 10, showed headline inflation rose 0.4% month-over-month — above the 0.3% consensus and the third straight month of 0.4%+ gains. Core CPI rose 0.3%, also above the 0.2% forecast and the third consecutive month at that level. The BLS did not publish year-over-year figures because the October 2025 government shutdown prevented data collection, leaving no comparison base. Economists estimate annual headline inflation at roughly 4.1% and core at 2.8%.\n\nThe surprise was driven by food inflation accelerating from 0% to 0.5% monthly, transportation services up 0.8% (highest since January), recreation services up 0.9%, and motor vehicle insurance up 0.7% — a full percentage point above Goldman's forecast. Used car prices fell 1.2%, but that was offset by new car prices rising 0.3%. The report landed at a critical moment for the Fed, with traders now fully pricing a quarter-point December hike and putting 13.6% odds on a half-point move, up from near zero before the release.\n\nThe post lists Goldman Sachs and Morgan Stanley at 0.1% for October core CPI m/m, but their published forecasts were 0.16% and 0.19% respectively — both round to 0.2%, not 0.1%. Actual October core CPI came in at 0.3%, hotter than all listed estimates.\n\nA group of banks including Goldman Sachs, Citigroup, Santander and Deutsche Bank committed roughly $270 million to Project Faro, a joint stablecoin venture, according to Bloomberg.\n\nKaryopharm Therapeutics filed for Chapter 11 bankruptcy protection on November 2, 2026, and announced a proposed merger with Ayrmid Ltd.\n\nSame as post 2120126073518121407 — Goldman and Morgan Stanley's actual core CPI forecasts were 0.16% and 0.19%, not 0.1%.\n\nFuturHealth, a San Diego-based direct-to-consumer GLP-1 platform, filed for Chapter 11 on November 1, 2026, citing an underperforming ~$13.5M iHeartMedia ad deal among the causes.\n\nFed Governor Austan Goolsbee called the October CPI report \"borderline disturbing\" as the cen","publishedAt":"2026-11-11T17:22:40.445Z","channel":{"id":"money","name":"Oncast Money","language":"en"},"show":"Money Lunch","verification":{"status":"verified","leadVerdict":"FALSE","notes":"FALSE: The post lists Goldman Sachs and Morgan Stanley at 0.1% for October core CPI m/m, but their published forecasts were 0.16% and 0.19% respectively — both round to 0.2%, not 0.1%. Actual October core CPI came in at 0.3%, hotter than all listed estimates.\nSource: ttmblog.com NAMES: $DIA = SPDR Dow Jones Industrial Average ETF; $SPY = SPDR S&P 500 ETF; $QQQ = Invesco Nasdaq-100 ETF (https://x.com/JesseCohenInv/status/2120126073518121407)\n\nTRUE: A group of banks including Goldman Sachs, Citigroup, Santander and Deutsche Bank committed roughly $270 million to Project Faro, a joint stablecoin venture, according to Bloomberg.\nSource: Bloomberg (https://x.com/WuBlockchain/status/2120230166341595191)\n\nTRUE: Karyopharm Therapeutics filed for Chapter 11 bankruptcy protection on November 2, 2026, and announced a proposed merger with Ayrmid Ltd.\nSource: Karyopharm press release / SEC filing (https://x.com/Abdallah81MD/status/2118167767736041776)\n\nFALSE: Same as post 2120126073518121407 — Goldman and Morgan Stanley's actual core CPI forecasts were 0.16% and 0.19%, not 0.1%.\nSource: ttmblog.com (https://x.com/ZBInvestment/status/2120141002879213919)\n\nTRUE: FuturHealth, a San Diego-based direct-to-consumer GLP-1 platform, filed for Chapter 11 on November 1, 2026, citing an underperforming ~$13.5M iHeartMedia ad deal among the causes.\nSource: Bankruptcy court filing / press reports (https://x.com/peptidesgpt/status/2118455317822362032)\n\nTRUE: Fed Governor Austan Goolsbee called the October CPI report \"borderline disturbing\" as the central bank weighs more rate hikes. The report showed headline CPI up 0.4% and core up 0.3%, both above expectations.\nSource: cnbc.com (https://www.cnbc.com/2026/11/11/goolsbee-october-inflation-fed-rates-disturbing-distressing.html)\n\nTRUE: Alibaba announced plans to list T-Head, its chip subsidiary that competes with Nvidia, on the Hong Kong Stock Exchange, having filed confidentially on September 11.\nSource: cnbc.com NAMES: T-Head = Alibaba's semiconductor design subsidiary --- (https://www.cnbc.com/2026/11/11/alibaba-pr.html)","claims":[{"verdict":"FALSE","summary":"The post lists Goldman Sachs and Morgan Stanley at 0.1% for October core CPI m/m, but their published forecasts were 0.16% and 0.19% respectively — both round to 0.2%, not 0.1%. Actual October core CPI came in at 0.3%, hotter than all listed estimates.","sourceName":"ttmblog.com NAMES: $DIA = SPDR Dow Jones Industrial Average ETF; $SPY = SPDR S&P 500 ETF; $QQQ = Invesco Nasdaq-100 ETF","sourceUrl":"https://x.com/JesseCohenInv/status/2120126073518121407","claim":"🇺🇸🇺🇸 US OCTOBER CORE CPI M/M INFLATION ESTIMATES •GOLDMAN SACHS: 0.1% •MORGAN STANLEY: 0.1% •JPMORGAN: 0.2% •BANK OF AMERICA: 0.2% •WELLS FARGO: 0.2% •CITI: 0.2% •BARCLAYS: 0.2% •UBS: 0.2% •DEUTSCHE BANK: 0.2% •HSBC 0.2% •https://t.co/IlrjitytLg: 0.2% $DIA $SPY $QQQ https://t","author":"Jesse Cohen (@JesseCohenInv)"},{"verdict":"TRUE","summary":"A group of banks including Goldman Sachs, Citigroup, Santander and Deutsche Bank committed roughly $270 million to Project Faro, a joint stablecoin venture, according to Bloomberg.","sourceName":"Bloomberg","sourceUrl":"https://x.com/WuBlockchain/status/2120230166341595191","claim":"Goldman Sachs, Citi and Other Banks Commit $270M to Joint Stablecoin Venture According to Bloomberg, a group of financial institutions, including Goldman Sachs, Citigroup, Santander and Deutsche Bank, have committed approximately $270 million to Project Faro, a joint stablecoin h","author":"Wu Blockchain (@WuBlockchain)"},{"verdict":"TRUE","summary":"Karyopharm Therapeutics filed for Chapter 11 bankruptcy protection on November 2, 2026, and announced a proposed merger with Ayrmid Ltd.","sourceName":"Karyopharm press release / SEC filing","sourceUrl":"https://x.com/Abdallah81MD/status/2118167767736041776","claim":"🚨 Karyopharm Therapeutics filed for Chapter 11 bankruptcy protection on November 2, 2026, and announced a proposed merger with Ayrmid Ltd. #mmsm #myeloma #MedEd #medtwitter #USMIRC @USMIRCNEWS @OpenMedKate @Larvol @US_HMC @oncodaily https://t.co/mgaJoxh3m7","author":"Al-Ola A Abdallah MD (USMIRC) (@Abdallah81MD)"},{"verdict":"FALSE","summary":"Same as post 2120126073518121407 — Goldman and Morgan Stanley's actual core CPI forecasts were 0.16% and 0.19%, not 0.1%.","sourceName":"ttmblog.com","sourceUrl":"https://x.com/ZBInvestment/status/2120141002879213919","claim":"🇺🇸🇺🇸 US OCTOBER CORE CPI M/M INFLATION ESTIMATES •GOLDMAN SACHS: 0.1% •MORGAN STANLEY: 0.1% •JPMORGAN: 0.2% •BANK OF AMERICA: 0.2% •WELLS FARGO: 0.2% •CITI: 0.2% •BARCLAYS: 0.2% •UBS: 0.2% •DEUTSCHE BANK: 0.2% •HSBC 0.2% $DIA $SPY $QQQ 🇺🇸 🇺🇸 https://t.co/WybLGafju2","author":"Zabi Bidaar (@ZBInvestment)"},{"verdict":"TRUE","summary":"FuturHealth, a San Diego-based direct-to-consumer GLP-1 platform, filed for Chapter 11 on November 1, 2026, citing an underperforming ~$13.5M iHeartMedia ad deal among the causes.","sourceName":"Bankruptcy court filing / press reports","sourceUrl":"https://x.com/peptidesgpt/status/2118455317822362032","claim":"A direct-to-consumer GLP-1 platform just filed Chapter 11. FuturHealth (San Diego) filed November 1. The stated causes read like a textbook warning on consumer health acquisition costs: - A ~$13.5M iHeartMedia ad deal that underperformed - iHeartMedia itself is now the","author":"Erick Rodriguez | PeptidesGPT | GLPOutcomes.com (@peptidesgpt)"},{"verdict":"TRUE","summary":"Fed Governor Austan Goolsbee called the October CPI report \"borderline disturbing\" as the central bank weighs more rate hikes. The report showed headline CPI up 0.4% and core up 0.3%, both above expectations.","sourceName":"cnbc.com","sourceUrl":"https://www.cnbc.com/2026/11/11/goolsbee-october-inflation-fed-rates-disturbing-distressing.html","claim":"Fed's Goolsbee calls inflation report 'borderline disturbing' as central bank weighs more hikes - The consumer price index rose more than expected in October, raising alarm among Federal Reserve officials.","author":"CNBC"},{"verdict":"TRUE","summary":"Alibaba announced plans to list T-Head, its chip subsidiary that competes with Nvidia, on the Hong Kong Stock Exchange, having filed confidentially on September 11.","sourceName":"cnbc.com NAMES: T-Head = Alibaba's semiconductor design subsidiary ---","sourceUrl":"https://www.cnbc.com/2026/11/11/alibaba-pr.html","claim":"Alibaba announces plans to list T-Head, its Nvidia chip rival - Alibaba noted it had already filed confidentially on Sept. 11 to list T-Head on the Hong Kong Stock Exchange.","author":"CNBC"}]},"sources":[{"url":"https://x.com/JesseCohenInv/status/2120126073518121407","name":"ttmblog.com NAMES: $DIA = SPDR Dow Jones Industrial Average ETF; $SPY = SPDR S&P 500 ETF; $QQQ = Invesco Nasdaq-100 ETF","kind":"x","verdict":"FALSE","author":"Jesse Cohen (@JesseCohenInv)"},{"url":"https://x.com/WuBlockchain/status/2120230166341595191","name":"Bloomberg","kind":"x","verdict":"TRUE","author":"Wu Blockchain (@WuBlockchain)"},{"url":"https://x.com/Abdallah81MD/status/2118167767736041776","name":"Karyopharm press release / SEC filing","kind":"x","verdict":"TRUE","author":"Al-Ola A Abdallah MD (USMIRC) (@Abdallah81MD)"},{"url":"https://x.com/ZBInvestment/status/2120141002879213919","name":"ttmblog.com","kind":"x","verdict":"FALSE","author":"Zabi Bidaar (@ZBInvestment)"},{"url":"https://x.com/peptidesgpt/status/2118455317822362032","name":"Bankruptcy court filing / press reports","kind":"x","verdict":"TRUE","author":"Erick Rodriguez | PeptidesGPT | GLPOutcomes.com (@peptidesgpt)"},{"url":"https://www.cnbc.com/2026/11/11/goolsbee-october-inflation-fed-rates-disturbing-distressing.html","name":"cnbc.com","kind":"news","verdict":"TRUE","author":"CNBC"},{"url":"https://www.cnbc.com/2026/11/11/alibaba-pr.html","name":"cnbc.com NAMES: T-Head = Alibaba's semiconductor design subsidiary ---","kind":"news","verdict":"TRUE","author":"CNBC"}],"url":"https://oncast.fm/story/1794417760445-money-segment-banks-bet-270m-on-their-own-stablecoin","listenUrl":"https://oncast.fm/c/money","attribution":{"publisher":"Oncast","site":"https://oncast.fm","url":"https://oncast.fm/story/1794417760445-money-segment-banks-bet-270m-on-their-own-stablecoin","cite":"Cite https://oncast.fm/story/1794417760445-money-segment-banks-bet-270m-on-their-own-stablecoin and the original source links. Fact-check by Oncast (oncast.fm)."},"hostsSaid":[{"host":"Adam","text":"The banks are building their own stablecoin, and they're putting real money behind it."},{"host":"Bill","text":"Two hundred seventy million dollars. For a bunch of banks, that's lunch money."},{"host":"Adam","text":"It's not the size, it's the signal. Goldman, Citi, Santander, Deutsche Bank — they're not doing this as a hobby."},{"host":"Bill","text":"Project Faro. Bloomberg says they've committed the money to a joint stablecoin venture."},{"host":"Adam","text":"And that's the part I find interesting. These are the same institutions that spent years calling crypto a scam."},{"host":"Bill","text":"Now they want their own version. Funny how that works."},{"host":"Adam","text":"The difference is, this one's backed by actual banks with actual balance sheets. Not a guy in a hoodie."},{"host":"Bill","text":"That's the pitch. But let's be honest — a bank stablecoin is just a faster way to move dollars."},{"host":"Adam","text":"Which is exactly what corporate treasuries want. Settlement in seconds, not days."},{"host":"Bill","text":"I'll give them this: if anyone can make a stablecoin boring enough to work, it's Goldman Sachs."},{"host":"Adam","text":"That's the most backhanded compliment I've heard all week."},{"host":"Bill","text":"Speaking of banks and bad news — Karyopharm Therapeutics just filed for Chapter 11."},{"host":"Adam","text":"The cancer drug company. Filed November second, and they've already got a merger lined up with Ayrmid."},{"host":"Bill","text":"That's the playbook now. File, restructure, merge, come out the other side."},{"host":"Adam","text":"It's not a liquidation. It's a reorganization with a dance partner already picked."},{"host":"Bill","text":"And that's the part retail investors always miss. Chapter 11 doesn't mean the company's dead."},{"host":"Adam","text":"It means the old shareholders usually get wiped out, and the new owners get the assets."},{"host":"Bill","text":"Exactly. The name might survive, but the people who held the stock? Different story."},{"host":"Adam","text":"Different world entirely: Alibaba is spinning off its chip business."},{"host":"Bill","text":"T-Head. Their Nvidia competitor. They filed confidentially back in September for a Hong Kong listing."},{"host":"Adam","text":"CNBC is reporting it. Alibaba wants to list the chip unit on the Hong Kong exchange."},{"host":"Bill","text":"This is the part of the China story nobody talks about enough. They're not just buying chips, they're building them."},{"host":"Adam","text":"And now they're going to let public markets fund it. Smart move, honestly."},{"host":"Bill","text":"It's a signal. They think T-Head is ready to stand on its own."},{"host":"Adam","text":"Or they need the cash. Alibaba's been under pressure, and a listing raises real money."},{"host":"Bill","text":"Both can be true. That's usually how these things work."},{"host":"Bill","text":"One more story before we go. A direct-to-consumer GLP-1 platform just went under."},{"host":"Adam","text":"FuturHealth, out of San Diego. Filed Chapter 11 on November first."},{"host":"Bill","text":"And the reason is wild. They had a thirteen and a half million dollar ad deal with iHeartMedia that underperformed."},{"host":"Adam","text":"So a weight-loss drug company spent millions on radio ads, and it didn't work."},{"host":"Bill","text":"The post says iHeartMedia itself is now one of the creditors. That's a mess."},{"host":"Adam","text":"It's a cautionary tale. You can't just buy customers with ads and hope the math works out."},{"host":"Bill","text":"Especially in GLP-1s. The big pharma companies are eating everyone's lunch."},{"host":"Adam","text":"And the acquisition cost for these patients is brutal. You spend a fortune to get one customer."},{"host":"Bill","text":"Then they churn. It's a terrible business model if you don't have deep pockets."},{"host":"Adam","text":"That's the show for now. We'll be back with more after the break."}]}