This article discusses how stablecoins are transforming the banking landscape by making deposits portable and programmable. It traces the evolution of banking from local trust in the 1800s to the current rise of fintechs and stablecoins, highlighting their potential to reshape the financial system.

Circle, Stripe, and other fintech companies are developing new infrastructure for payments, likened to an "AWS moment" for the financial sector. The article discusses the necessity for payment-native chains to enhance transaction efficiency and reduce operational costs, emphasizing the evolving roles of stablecoins, tokenized deposits, and the potential for a more decentralized payments landscape. Insights include the strategic implications of these developments and the importance of regulatory clarity in shaping the future of payments technology.