"My Daughter Might Not Use Banks"... Digital Wallets Become the Next Financial Hub

[Mexico City = Shim Young-jae, Correspondent] A forecast has emerged suggesting that the generation growing up in a digital environment may no longer consider traditional bank accounts essential. The digital asset (cryptocurrency) industry and global financial sectors predict that digital wallets, which encompass stablecoins and tokenized assets, will integrate deposit, payment, and investment functions, establishing themselves as the core of financial services.

On the 18th (local time), CoinDesk reported that Adrian Cachinero, co-founder of decentralized finance (DeFi) operator Steakhouse Financial, stated, "My daughter, who is 18 months old, may never need to create a bank account in her lifetime."

He remarked, "We are creating financial products for that very generation," predicting that the digital native generation will perceive money and finance in ways entirely different from previous generations.

Cachinero clarified that he is not claiming that banks will disappear. However, he explained that the generation raised in an internet environment will expect most financial services, such as payments, savings, and investments, to occur naturally online.

"I might be the last generation that remembers life before the internet," he said, adding, "For subsequent generations, the internet will not just be a technology but a given living environment."

Steakhouse Financial currently manages over $4 billion in blockchain-based vaults. This vault structure allows users to earn returns by depositing stablecoins into smart contracts while maintaining direct control over their assets.

Surge in Stablecoin Usage

According to Visa's stablecoin tracking data, there were 132 million transactions under $250 in the past 30 days, totaling $6.6 billion in transaction volume.

Standard Chartered forecasts that the circulation of stablecoins will increase approximately sevenfold to about $2 trillion by 2028. The share of e-commerce purchases conducted by AI agents is expected to grow from 1% in 2025 to 12% by 2029.

Digital banks (neobanks) are also rapidly growing. Approximately 40% of new bank accounts worldwide are opened through neobanks, with users exceeding 1.4 billion.

"One Wallet Instead of Multiple Bank Accounts"

Naveen Mallela, Global Payments Head at Standard Chartered, expressed in an interview with CoinDesk that, in the long term, a single digital wallet will become the center of finance instead of maintaining separate bank and securities accounts.

He explained that a single wallet could contain tokenized deposits issued by various banks, stablecoins, tokenized money market funds (MMFs), digital assets, and various investment products. However, he added that this is merely his personal opinion and not the official stance of Standard Chartered.

Mallela anticipated that stablecoins and tokenized deposits issued by banks would serve different roles rather than compete with each other. While stablecoins excel in personal payments and remittances, tokenized deposits are expected to play a larger role in inter-institutional payments and corporate finance.

Binance: "Young Generations Leading Adoption"

Shuniet Jan, head of the exchange and trading division at Binance, noted that particularly in emerging markets, the adoption of digital assets by younger users is prominent.

He stated that Binance is working on building a "super app" that goes beyond just an exchange to provide payment and financial services, aiming to allow users to store and utilize various assets on a single platform.

Jan remarked, "All financial companies are entering each other's domains," explaining that banks are expanding digital asset services while digital asset companies are offering debit cards, payments, and tokenized asset services.

He mentioned that many Binance employees, including himself, already keep most of their assets on the exchange, handling payments and card usage through the exchange.

Banks Still Necessary

In contrast, traditional financial sectors emphasized the importance of regulated banking infrastructure.

Enrico Knorr, co-founder of Dubai-based stablecoin company Stabolut, evaluated that banks currently provide digital asset (cryptocurrency) services, and digital asset platforms are offering bank accounts and financial services, blurring the lines between the two.

Rohan Mishra, CEO of AMINA Bank ADGM, stated that even as stablecoin payments increase, regulated banking infrastructure will remain necessary.

He emphasized, "A wallet itself is not a bank account," adding, "The real core is the regulated financial infrastructure behind the wallet."

He projected that there would be limits to the popularization of self-custody, where individuals manage their private keys directly.

"If a private key is stolen, there is no way to recover the assets or any insurance," he pointed out, likening it to storing cash under a mattress.

Shift in the Center of Financial Services

CoinDesk analyzed that these changes do not signify the end of banks.

Banks are adopting tokenized deposits and blockchain payments, while digital asset companies are expanding account, card, and payment services, effectively breaking down the boundaries of financial services on both sides.

Cachinero noted that Steakhouse is currently managing most of its funds in stablecoins, utilizing bank accounts only minimally.

He stated, "The moment most people feel the change is likely to be a simple remittance experience," explaining that stablecoins can complete payments within minutes and can be tracked instantly on the blockchain, providing a natural financial experience for the next generation.

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