Stablecoins get the headlines, but tokenized deposits are the rail banks are actually building. Here is who controls programmable money and why.
The GENIUS Act looks like crypto regulation. It is bank infrastructure law. Who captures the settlement margin, and who gets disintermediated.
Corporate treasurers are running stablecoin pilots in 2026. A CFO framework for USDC, tokenized deposits, and where settlement risk really lives.
Banks called stablecoins reckless for five years. JPM Coin, Citi Token Services, Project Agora: incumbents quietly built the rails themselves.
In May 2022, TerraUSD - a stablecoin with an $18.7 billion market cap and supposedly pegged to the US dollar - went from $1.00
Is there anywhere crypto actually solves a payment problem the existing rails do not? Most crypto payment claims are noise. A few are not. This module
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