US banks are moving to tokenized deposits and their own blockchain networksAs reported by Fixygen, the confrontation between traditional banks and cryptocurrencies is gradually changing its nature: the largest financial institutions are no longer trying to prove that they do not need blockchain, but are beginning to transfer bank deposits and payments to the same technological infrastructure on which stablecoins operate.One of the most indicative events of August was the creation of the BankChain Alliance in the USA, which united the banking associations of 39 states. The project involves the creation by 2027 of a banking blockchain network capable of supporting tokenized deposits, stablecoins, automated settlements, and programmable payments.In essence, small and regional banks in the USA are seeking their own alternative to cryptocurrency payment infrastructure, without ceding this market to Circle, Coinbase, and technology companies. Large banks are moving in the same direction.On August 4, Wells Fargo announced the launch of tokenized deposits for corporate clients. Such funds are bank money recorded on the blockchain, allowing for round-the-clock settlements, including weekends. The initial phase involves operations between the dollar and the British pound, and by 2027, the bank intends to expand its geographical reach and currency offerings.The fundamental difference between a tokenized deposit and USDC or USDT lies in who the issuer is.In the case of a classic stablecoin, the client owns a digital obligation from a specialized issuer. With tokenized deposits, the client still holds a bank deposit; it’s just that the infrastructure for its movement becomes blockchain-oriented.Therefore, banks are essentially telling the crypto industry: we accept the technology, but we want to keep the money within the banking system. Payment systems have gone even further.Visa reported that its annual settlement volume in stablecoins has reached approximately $7 billion, and in the Central and Eastern Europe, Middle East, and Africa region, the volume of such settlements has increased nearly 60 times over the year. The company is already developing over 160 card programs associated with stablecoins. In July, Visa introduced a separate platform, Visa Stablecoin Platform, through which banks, fintech companies, and payment providers can work with stablecoins within a unified infrastructure. In August, the company also enhanced Visa Direct with the capability to make payouts and pre-fund using stablecoins.Simultaneously, the use of stablecoins directly by consumers is rapidly developing. According to payment company RedotPay, as cited by Reuters, spending via stablecoin-linked cards could grow to approximately $50 billion per year by 2028. Already in July 2026, the monthly volume of such card payments is projected to exceed $1 billion for the first time.The most significant factor driving market changes is regulation in the USA.On August 17, the US Department of the Treasury published a new draft of the rules for the implementation of the GENIUS Act. Starting January 18, 2027, the issuance of payment stablecoins in the USA will generally be permitted only to licensed issuers. From July 2028, US service providers will also face restrictions on offering users stablecoins issued without a proper license.Based on: open4businessPlace for your advertisement