Crypto Biz: Wall Street and crypto fight for the same turf
Stablecoins and tokenized assets are pushing banks, exchanges and crypto companies into the same markets, from payments to stocks and ETFs.
Stablecoins and tokenized assets are pushing banks, exchanges and crypto companies into the same markets, from payments to stocks and ETFs.
The line between crypto companies and traditional finance is blurring. Binance is buying a $100 million stake in Circle, Canada’s six largest banks are exploring tokenized deposits and the New York Stock Exchange is working with Blockchain.com to bring US stocks and ETFs onchain.
Crypto companies want a bigger role in payments and traditional assets, while banks and exchanges are bringing those markets onchain without giving up their place at the center of the financial system.
Unlike fiat-backed stablecoins, tokenized deposits remain liabilities of the banks that issue them. The participating banks say the model could enable faster, programmable payments, with other deposit-taking institutions potentially joining in the future.