Episode 11: The Incumbents Strike Back: Banks, Cards & Remittance All Pivot to Stablecoins

In just three days, three of the biggest sectors in money movement, the big banks, the credit card networks, and the money remittance giants, all signaled exactly where they stand on stablecoins. This week, I break down what these near-simultaneous moves reveal about where the industry is heading and just how disruptive fully regulated stablecoins are poised to be.First up: America's three largest banks, JP Morgan, Citi, and Bank of America, announced plans for a shared tokenized deposit network slated for the first half of 2027. In my Stablecoin Strategist newsletter, I discuss how these "depository tokens" aren't the bridge the banks claim, but a moat designed to fortify their existing monopoly on consumer money and guard against deposit flight, a closed intrabank system that does little for the everyday consumer.Next: the "tollbooth operators." Visa, MasterCard, and Stripe are reportedly launching their own stablecoin, with whispers that Coinbase may be interested too, a development that could shake up Circle's upcoming contract renewal with Coinbase in August. I my Substack newsletter, I explore what direct-to-merchant stablecoin payments mean for the 2.5–3.5% merchant fee model, plus a look at Cash App's clever new "Wand" accessory and its implications for point-of-sale payments.Finally: MoneyGram announced a stablecoin (the MGUSD token) for cross-border remittance. In my intelligence report, I dig into the "poverty tax" charged to people sending money home, sometimes as much as 6%, and raises the recurring question of the episode: Show me the fees. If these are true near-zero-fee stablecoins, how will legacy players sustain 500,000+ physical locations and replace their fee-extraction revenue?The throughline: the incumbents now understand they either adapt to stablecoins or get disintermediated. With the FinCEN/Treasury comment period on the GENIUS Act's proposed AML/KYC regulations closing June 9th, and the Clarity Act facing an uncertain path through the Senate ahead of the midterms, the pressure is mounting.Resources mentioned: The Stablecoin Strategist newsletter on Substack (free), and the free guide Make Your Wallet Your Bank. Find all links at stablecoinsolutions.io.The Stablecoin Solutions Show airs live every Friday at 9 a.m. Eastern. Catch replays on YouTube, Apple Podcasts, and Spotify.