Stablecoins & Tokenized Deposits - What U.S. Banks and Credit Unions Are Doing Next
As of September 2025, stablecoins and tokenized deposits have crossed from theory to production. Payments firms are abstracting the crypto bits. Large banks are quietly running deposit-token pilots for treasury and collateral. Card networks are building multi-token rails with bank-grade rulebooks.
From where I sit—talking every week with founders, VCs, bank execs, and regulators—the winners aren’t the ones “doing crypto.” They’re the ones compressing settlement time and counterparty risk in ways their teams can measure by quarter-end. That’s the game.
This piece is an analysis and a playbook. It’s opinionated on purpose.