Opinions

Noelle Acheson points out that, while banks are unlikely to issue stablecoins, the related businesses they are likely to end up offering could set the stage for a transformation of their relationship with their clients.

As stablecoins gain broader adoption in the U.S., they will eat into banks' deposits. As a result, lending in the U.S. may be increasingly funded by the wholesale capital markets.

Noelle Acheson writes that new blockchains from Circle and Stripe are about more than customization and control over the features. They're about redistributing power across the payments landscape

Boards of directors have ultimate responsibility for the health and safety of their banks. The deployment of AI-enabled systems opens the door to a vast array of new risk factors that they need to recognize.

Well-regulated stablecoins will open the door to a wide range of financial activities, including 24/7 global markets for any asset class imaginable. Traditional banks should take note.

Businesses accepting payments in stablecoins on a public blockchain are making vast amounts of data available to their competitors. For the technology to really take off, a privacy-preserving solution is needed.

The CFPB must unequivocally state that consumers own their financial data and prohibit financial institutions from monetizing access to it. No one, not even the biggest bank in the country, should dictate with whom consumers can share their data.

Theft of paper checks and their use in identity theft constitute a major blind spot in the private sector's fraud detection networks. Banks and regulators need to come together to find solutions.

Noelle Acheson highlights how last week's White House crypto document and the SEC's announced Project Crypto are not just about supporting digital assets — they're also about an overhaul of traditional finance.

As stablecoins and related products gain traction in the U.S., bankers are going to have to face the fact that their current anti-money-laundering controls simply aren't up to the task anymore.