Barclays, HSBC UK, Lloyds, Monzo, Nationwide, NatWest and Santander just completed the first live customer payments with tokenized sterling. The obvious question: if banks can program pounds, why would they need stablecoins?

Side by side

Who owes you

Deposit your bank, like any normal balance

Stablecoin a separate issuer holding $BTC

reserves

Interest

Deposit keeps earning even while funds are locked

Stablecoin under the US GENIUS Act, issuers can't pay holders yield

Protection

Deposit → regular deposit protections stay

Stablecoin → only as good as the issuer and its reserves

Where it moves

Deposit → between banks on a shared platform

Stablecoin → any $BTC wallet, any chain, any country, 24/7

Inside the banking system, banks don't need stablecoins. Tokenized deposits do the job better, with interest and protection attached. The moment money has to leave that perimeter, cross a border or touch DeFi, stablecoins still have no competition.

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