Among major U.S. banks—JPMorgan Chase, Bank of America, Citigroup, U.S. Bank, and PNC—several have launched tokenized deposit systems akin to stablecoins within their own ecosystems. Interoperability remains a challenge, prompting analysts to ask if a stablecoin consortium, like Zelle, would make sense. Citi’s Jane Fraser acknowledged potential for collaboration but asserted that Citi’s own live-token service, now operational in four markets, is a “killer app” for programmable, cross-border payments. JPMorgan’s Jamie Dimon didn’t respond to the consortium idea, though JPM is part of the Zelle-owning consortium. BofA’s Brian Moynihan favored both solo and joint approaches, noting client demand hasn’t materialized yet, though the bank holds blockchain patents and partners with stablecoin issuers. Citi is exploring its own stablecoin, while JPMorgan’s JPMD token runs on Coinbase’s Base network for institutional fund transfers. U.S. Bank’s CEO Gunjan Kedia said stablecoins aren’t material yet, though they’re ready to pilot. PNC’s CEO William Demchak predicted an industry-led stablecoin would emerge, though he and Kedia expressed skepticism about its near-term impact, especially in domestic payments where demand and cost advantages remain unclear.