CoinDesk
Steakhouse Financial co-founder Adrian Cachinero says his 18-month-old daughter may never need to open a bank account, a view increasingly shared across crypto and banking. His DeFi firm manages more than $4 billion in blockchain vaults that let users deposit stablecoins, earn yield and retain control of their assets. Visa’s tracker logged $6.6 billion across 132.4 million retail-sized stablecoin transactions in its latest 30-day period.
Why it matters
The thesis is not that banks disappear. Instead, a wallet tied to a user’s identity could become the main financial interface, holding cash, stablecoins, bank-issued tokenized deposits, tokenized money market funds and other assets in one place. Banks would continue supplying money, infrastructure and regulatory controls behind that interface.
Stablecoins and tokenized deposits are also expected to divide the market. Stablecoins could handle more retail payments and remittances, while bank-issued tokens support larger wholesale and institutional flows. Around-the-clock wallet transfers offer an alternative to cross-border payments that still pass through multiple bank accounts.
Market impact
Standard Chartered expects stablecoin circulation to grow roughly sevenfold to about $2 trillion by 2028. Neobanks already capture nearly 40% of new banking accounts globally and serve more than 1.4 billion users, reinforcing demand for app-based financial services.
Binance says younger users are helping drive crypto adoption in emerging markets as the exchange expands toward payments and a broader super-app model. Banks, fintechs and crypto platforms are moving onto each other’s turf through trading, cards, payments and tokenized assets.
Regulated infrastructure and custody remain the limiting factors. Wallets still need reliable links to conventional money, while self-custody leaves users responsible for protecting private keys without guaranteed recovery or insurance. The likely outcome is not the end of banking, but a future in which the bank account becomes less visible than the wallet built on top of it.
Frequently asked questions
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Why might younger consumers rely less on bank accounts?
Digital-native users may prefer a single wallet that combines payments, savings, stablecoins, tokenized deposits and investments rather than maintaining separate bank and brokerage accounts.
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How large is current retail stablecoin activity?
Visa’s tracker recorded $6.6 billion across 132.4 million retail-sized stablecoin transactions during its latest 30-day period.
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Will stablecoins and tokenized bank deposits serve the same market?
They are expected to divide roles. Stablecoins may handle more retail payments and remittances, while bank-issued tokenized deposits support larger wholesale and institutional flows.
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Does the wallet model eliminate banks?
No. Banks would continue providing money, regulated infrastructure and controls, even if customers increasingly access those services through wallets and super apps.
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What could slow the shift toward wallet-based finance?
Wallets still need links to conventional payment systems, while self-custody can leave users without guaranteed recovery or insurance if their private keys are compromised.
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