JPMorgan called $BTC a fraud. Bank of America linked it to money laundering. Wells Fargo banned it on their credit cards. Santander said it was too messy for banks.
Now all four are moving into crypto stablecoins.
The pattern is clear: legacy banks publicly trashed crypto when they couldn't control it. Now that stablecoins offer them a regulated on-ramp to capture fees, facilitate money transfer infrastructure, and own the rails for digital currency exchange, suddenly crypto is fine.
This isn't adoption driven by belief in decentralization. It's strategic repositioning. Banks see stablecoins as a way to stay relevant in a world where cross-border money transfer, currency exchange, and payment rails are being rebuilt outside their legacy systems.
They hated crypto until they figured out how to monetize it without losing control.
Now all four are moving into crypto stablecoins.
The pattern is clear: legacy banks publicly trashed crypto when they couldn't control it. Now that stablecoins offer them a regulated on-ramp to capture fees, facilitate money transfer infrastructure, and own the rails for digital currency exchange, suddenly crypto is fine.
This isn't adoption driven by belief in decentralization. It's strategic repositioning. Banks see stablecoins as a way to stay relevant in a world where cross-border money transfer, currency exchange, and payment rails are being rebuilt outside their legacy systems.
They hated crypto until they figured out how to monetize it without losing control.