Jan said that many Binance employees, including himself, already keep the majority of their assets on the exchange. “I could make payments, I could use my debit card to spend whatever I needed wherever I wanted,” he said.
The lines are blurring
Eneko Knorr, co-founder and CEO of Dubai-based stablecoin company Stabolut, said the line between banks and cryptocurrency companies is becoming harder to see.
“Today, you see regular banks offering cryptocurrencies and cryptocurrency platforms offering real bank accounts and normal banking services,” Knorr told CoinDesk. “Of course, the world still runs on normal money, so we all have to make a standard bank transfer to pay rent or utility bills.”
Knorr said younger customers may choose an app that combines stablecoins with everyday banking services.
Rohan Misra, head of the Gulf Cooperation Council region and CEO of AMINA Bank ADGM, said stablecoins are increasingly used for payments and settlements, but still need regulated banking infrastructure.
“The wallet alone is not the bank account,” Misra said. “The regulated infrastructure around it is.”
Misra also questioned whether self-custody, where users control their private keys, would become the default option.
“Self-custody means that if someone accesses your private key, your assets are gone with no recourse, recovery or insurance,” he said. “That’s cash under a mattress.”
