Circle and Coinbase Shares Fall as U.S. Banks Push Stablecoins
BankChain Alliance plans a bank-owned blockchain network launching in 2027, with tokenized deposits and a dollar-, euro-, and multi-currency stablecoin for uses like treasury and cash management. U.S. banks are warming to stablecoins as nonbank firms expand, while executives worry tokens could encroach on traditional banking. Coinbase shares were down more than 3% in midday trade.