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Twenty-one major banks — BofA, Goldman, Citi, Wells — forming a joint USD stablecoin company for 2027 is the clearest sign TradFi stopped watching stablecoins and started building them. The tell isn't the far-off launch; it's the repricing: Circle has taken two competitive hits this quarter as incumbents move to compete away pure-play issuer margins. Adoption is winning, but the economics shift toward banks — the stablecoin-equity trade is the crowded one. #TradFiStablecoinAlliance