When Money Goes On-Chain: The Bank's Role in the New Financial Infrastructure
Most of the conversation about banks and digital money assumes banks are on defense. Protecting deposits, watching issuers take share, and moving because they have to. BNY's account of how it got here is a different one. In episode four of the stablecoin series, Brett Turner, Founder and CEO of Trovata, and Paul Bances, who led the team at PayPal that architected PYUSD, are joined by Nader Souri, who leads corporate and digital banking at BNY. Nader was making the internal case for digital assets six or seven years ago, well before stablecoins became a mainstream topic for banks. Where he and Paul land is that regulation has stopped being the barrier for corporate treasury. Handing a treasurer a wallet solves nothing unless it connects to the systems already running the function. BNY built digital asset custody because institutional clients asked for it, not out of fear of being disintermediated. Stablecoins, tokenized deposits, and tokenized money market funds are legally and economically different instruments. They will coexist rather than compete. Regulation has stopped being the barrier to treasury adoption. Ubiquity and integration are what is left. A wallet on its own solves nothing without integration into the treasury management system, the ERP, and the investment policy.