U.S. banks are moving from resisting stablecoins to issuing dollar-pegged coins and developing payment networks, as the assets expand beyond cryptocurrency trading into payments, remittances and corporate treasury management. The Wall Street Journal reported on the 26th that more than 10 firms, including Bank of America, Wells Fargo and Santander, are considering jointly issuing a stablecoin, initially pegged to the dollar and potentially extended to Group of Seven currencies. JPMorgan Chase has reviewed issuing its own stablecoin but said it has no formal plans. Banks have feared that stablecoin adoption and rewards could drain deposits, their main funding source, while deposit tokens offer a blockchain-based alternative using existing bank deposits. The shift is also driven by competition from Visa, BlackRock, Google and DoorDash. Bankers associations in 39 U.S. states have launched the BankChain Alliance, representing 3,283 banks with combined assets of $21.8 trillion, and are building a jointly owned network targeted for 2027. The network would support deposit tokens, stablecoin issuance and automated payments and settlement through smart contracts (self-executing blockchain code), while supporting interoperability with other blockchain networks. The expansion of bank-run networks could challenge Tether, Circle and public networks such as Ethereum, Tron and Solana, although connections between traditional financial systems and on-chain markets could also channel institutional liquidity into on-chain finance. The Bank for International Settlements has warned that proliferating networks could fragment liquidity and has emphasized interoperability. Competition is therefore likely to depend not only on issuance volume but also on the liquidity secured and the ability to connect smoothly across networks.