Everyone is calling the 21 bank stablecoin consortium the moment TradFi finally “gets” crypto. I think it is the opposite. A product planned for the first half of 2027, with no blockchain even selected, is not a crypto catalyst. It is a defensive committee trying to protect payment and deposit businesses. The irony is that the rules designed to make it safe may make it irrelevant. GENIUS Act and MiCA compliant bank coins will be slow, fully reserved and non yielding. Meanwhile, crypto native products already offer speed, composability and yield. Tether still controls roughly 60% of a stablecoin market above $300B, while Ethena’s USDe is built around the demand banks cannot serve. Banks entering validates stablecoins. It does not mean banks will win them. The real test is usage, not the September 1 announcement. 🤷