Stablecoin consortium

“Twenty-one banks backing a stablecoin is the clearest sign yet that the growth in blockchain rails is coming from TradFi now, not crypto. Nobody’s debating whether public chains work for settlement anymore, just who gets to own the issuer.

“The real losers here are the incumbents: between Open USD in June and the banks today, Circle’s dropped 6% because the market gets that banks and card networks own the customers, and Circle just owns a token.

“My guess is the market splits three ways — Tether keeps emerging markets and offshore retail, Open USD takes internet commerce, and the bank coin becomes the institutional settlement asset sitting next to DTCC’s tokenization launch in October. The catch…