Combine the flour, sugar, salt, and baking powder in a mixing bowl.
Melt 2 tablespoons of butter in a large skillet. Add the melted butter, egg, milk, and vanilla to the dry ingredients. Stir gently, being careful not to over mix the batter — it’s okay if it’s a little lumpy!
Add the remaining butter and peaches to a pot set over medium heat. Cover and allow the peaches to stew while you cook the pancakes.
Heat a lightly greased skillet or griddle over medium heat until small drops of water splashed onto the pan sizzle. For each pancake, spoon 2 tablespoons of batter into a small circle. Cook until bubbles form and the surface of each pancake starts to look dry (2-3 minutes). Flip and cook until the other side is browned (1-2 minutes).
Layer stacks of three pancakes with the stewed peaches. Top with additional cinnamon sugar butter spread and maple syrup, if desired.
Tip: For extra-fluffy pancakes, separate the egg yolk from the white. Add the yolk along with the other wet ingredients as in the original recipe. Use a hand mixer to beat the white until it is thick and foamy and holds a stiff peak (about 3 minutes). Gently fold the beaten white into the pancake batter just prior to cooking.