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  1. Why Now

Stablecoins 2.0 & Banking 2.0

The Convergence
Two parallel evolutions in financial infrastructure are merging. Understanding where they meet — and what's still missing — is essential for any institution planning its next decade.

What is "Stablecoins 2.0"?#

The term means different things to different people. Here's the landscape:
NarrativeWho Says ItCore Question
Yield-Bearing StablecoinsReeve Collins (Tether co-founder), WeFi, STBLWho captures the economics of reserves?
Infrastructure-Ready StablecoinsBIS, McKinsey, Citi GPSHow do stablecoins become rails, not just assets?
Interoperable LayerEmerging institutional viewHow do stablecoins work between institutions?

Narrative 1: Yield-Bearing#

First-generation stablecoins (Tether, USDC) keep all yield from reserve assets. The "Stablecoins 2.0" thesis here: return ~80% of that yield to users via tokenized structures.
"The next iteration of stablecoin must be productive, transparent and owned by the community, not corporations."
— Reeve Collins, Sept 2025

Narrative 2: Infrastructure-Ready#

The institutional framing. Stablecoins 1.0 were assets you could hold. Stablecoins 2.0 are infrastructure you can build on — programmable, compliant, interoperable by design.
"Stablecoins are transforming payments globally, and tailwinds may cause a material shift across the payments industry in 2025."
— McKinsey, "The stable door opens" (July 2025)

Narrative 3: Interoperable Layer#

The emerging view: stablecoins designed for FI-to-FI settlement, with compliance data embedded, cross-chain routing native, and pre-clearance built in.

Our view#

Stablecoins 2.0 is the infrastructure layer — programmable money with compliance built in. Faster settlement, full traceability, and embedded compliance. Not the "freedom of crypto" — but the efficiency of blockchain for moving money.

What is "Banking 2.0"?#

Similarly, "Banking 2.0" carries multiple meanings:
NarrativeWho Says ItCore Thesis
Tokenized Unified LedgerBIS, G20, Central BanksMoney moves to tokenized rails (CBDCs, tokenized deposits)
Stablecoin Settlement LayerFireblocks, arXiv papers, VisaBanks adopt stablecoins as the settlement layer

Narrative 1: Tokenized Unified Ledger#

The central bank vision. A "trilogy" of tokenized central bank reserves, commercial bank money, and government bonds — all on a unified ledger.
"Building on the proposal for a unified ledger, the 'trilogy' of tokenised central bank reserves, commercial bank money and government bonds is the next logical step to deliver profound change for the financial system."
— BIS Annual Report 2025

Narrative 2: Stablecoin Settlement Layer#

The market reality. Banks are adopting stablecoins now — not waiting for CBDCs.
"For the first time, U.S. issuer and acquirer partners can settle with Visa in Circle's USDC... $3.5B annualized stablecoin settlement volume."
— Visa, Dec 16, 2025
"Stablecoins represent the most significant evolution in banking since the abandonment of the gold standard, positioned to enable 'Banking 2.0' by seamlessly integrating cryptocurrency innovation with traditional finance infrastructure."
— McNamara & Marpu, "Banking 2.0: The Stablecoin Banking Revolution" (arXiv, Aug 2025)

Our view#

Both narratives are true — but on different timelines. Cross-border will be resolved with stablecoins first (next 5 years). Local financial rails may only move to fully tokenized infrastructure in the next decade. Stablecoins are the bridge.

Where These Movements Converge#

Four use cases sit at the intersection of Stablecoins 2.0 and Banking 2.0. All four will remain bonded to stablecoins for the foreseeable future:
1
Payments
Cross-border B2B, remittances, merchant settlement. The highest-volume, most immediate use case.
2
RWA Tokenization
Real estate, securities, commodities — settled in stablecoins. The asset is tokenized; the settlement is stable.
3
Crypto Capital Markets
Trading, lending, derivatives, prime brokerage, custody flows. Stablecoins are the settlement and collateral layer that keeps the market liquid.
4
Fiat On-Ramp and Off-Ramp
Stablecoins as the bridge between bank money and onchain money. Deposit, withdraw, convert, settle. This is the gateway rail for every other use case.
5
Agentic Payments
AI-to-AI settlement, programmable commerce, machine-initiated transactions. The emerging frontier.

What Makes These Work?#

Each use case requires three layers to function:
LayerWhat It CoversCurrent State
InfrastructureChains, wallets, custody, key managementMature (Fireblocks, Copper, etc.)
LiquidityStablecoin supply, FX, routing between assetsFragmented (issuer-specific)
ComplianceTravel Rule, sanctions screening, KYC/KYBFragmented (vendor-specific)
💡
Interoperability = Interconnecting all three layers. Infrastructure alone isn't enough. Liquidity alone isn't enough. Compliance alone isn't enough. The convergence requires all three — working together, across institutions.

Here's what we believe#

The future belongs to financial institutions that operate stablecoin accounts directly — for themselves, for their business clients, for their retail users.
This is already happening:
SoFi: First US national bank to issue a stablecoin on a public blockchain (Dec 2025)
Visa: $3.5B annualized USDC settlement volume
JP Morgan, DBS, MUFG: Stablecoin pilots live
Banks will work with infrastructure providers (Fireblocks, Copper). They'll integrate directly with issuers (Circle, Tether, regional stablecoins). Swapping fiat to stablecoins will cost zero at the margin — because it happens on their own ledger.
But there's a gap.
Each bank is a walled garden. They can hold stablecoins. They can't send to each other — at least not compliantly, not across chains, not with Travel Rule data attached.
"Stablecoin accounts" that can only send to your own wallet aren't a product. They're a beta.

The Unanswered Questions#

If the future is FIs operating stablecoin accounts...
If cross-border will be resolved with stablecoins before local rails tokenize...
If interoperability requires infrastructure + liquidity + compliance working together...
Then who builds the layer that connects them?
BuilderLimitation
Issuers (Circle, Tether)Locked to their own stablecoin
Compliance vendors (Notabene, TRISA)Don't route money
Orchestrators (Bridge, Ubyx)Point solutions, no network effects
Banks themselvesCoordination problem — who goes first?
The layer that SWIFT provided for Banking 1.0 — messaging, routing, addressing, policy matching — doesn't exist yet for Banking 2.0.
Until it does, stablecoins remain assets, not rails. And banks remain spectators, not participants.

What Comes Next?#

2025: The Regulatory Green Light#

MiCA fully operational. GENIUS Act passed. Travel Rule enforcement in 100+ jurisdictions. The compliance excuse is gone.

2026: The Integration Race#

Major banks launch stablecoin custody. First cross-bank stablecoin corridors go live. Network effects begin compounding.

2027–2028: The New Normal#

Stablecoin settlement becomes default for B2B cross-border. SWIFT usage declines for smaller transfers. The transition completes.

Further Reading#

Citi GPS: Stablecoins 2030 — Web3 to Wall Street (Sept 2025)
BIS Annual Report 2025: The next-generation monetary and financial system (June 2025)
McKinsey: The stable door opens: How tokenized cash enables next-gen payments (July 2025)
Stanford Law: A New Era of Stablecoins: Market Evolution and the Regulatory Race (Aug 2025)
arXiv: Banking 2.0: The Stablecoin Banking Revolution (Aug 2025)
Visa: USDC Settlement Launch in the United States (Dec 2025)

Ready for Implementation?#

Explore practical guides for building stablecoin operations
Go to "How To" Part
Book a 15-minute call to discuss how Stablecoin Clearing fits your institution
Book Discovery Call
Questions? Reach out to Anton | CEO @ RemiDe
anton@remide.xyz
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