$CRCL Under Pressure as Global Banks Advance Rival Stablecoin Consortium

Circle shares are under pressure as more than 12 global banks, including Bank of America, Wells Fargo, and Santander, move forward with their own stablecoin consortium.
The concern is that if major banks issue and distribute their own dollar stablecoin at scale, it could reduce how much of the market ultimately flows through Circle and USDC.