Major development in the stablecoin wars: A coalition of major US banks is moving forward with their own stablecoin initiative to directly compete with USDT dominance. The structure will operate through Zelle's parent company, positioning traditional finance to challenge tether's market leadership. This represents a significant shift as institutional banking players formally enter the digital currency space with regulatory backing. The move signals growing recognition that stablecoins are becoming central infrastructure, compelling legacy financial institutions to establish their own on-chain payment rails rather than ceding ground to existing players.