Stablecoins: Banks Battle for Programmable Dollar

Stablecoins have moved past simple bank adoption of crypto into a direct contest among banks, fintechs and custodians for control of the programmable dollar. Private stablecoins captured distribution. Tokenized deposits now serve as the banking reply. CBDCs remain conference material only. This shift reflects stablecoin market dynamics where programmable dollar ownership determines future settlement rails and tokenized deposits competition accelerates institutional infrastructure builds.