Deposit Competition

Stablecoins are migrating from crypto-market liquidity into the operating logic of banking, payments, custody, and licensing. Around Money20/20 Europe 2026, banks, neobanks, payment firms, and trust-chartered infrastructure providers converged on four competing models for regulated digital money. The market remains highly concentrated and almost entirely dollar-denominated, with a small number of USD tokens holding the large majority of supply and non-dollar tokens a negligible share. The decisive battleground is now licensing, reserves, deposit competition, and control of the customer interface.