Crypto executives say digital native generations may never need a bank account

Crypto executives and banking leaders increasingly foresee a future where younger, digitally native generations may rely more on digital wallets holding stablecoins and tokenized assets rather than traditional bank accounts. Adrian Cachinero, co-founder of DeFi firm Steakhouse Financial, which manages over $4 billion in blockchain-based vaults, expressed that his very young daughter might never need a conventional bank account. Instead, financial products will be built for a generation accustomed to online-first payments, savings, and services, reflecting a shift from legacy banking frameworks.

Stablecoins and tokenized deposits are expected to grow substantially, with projections such as Standard Chartered’s estimate of stablecoin circulation reaching approximately $2 trillion by 2028, up sevenfold from current levels. Stablecoins may increasingly handle retail payments and remittances, while bank-issued tokenized assets are predicted to support larger wholesale and institutional transactions. The rise of neobanks, which already capture nearly 40% of new banking accounts and claim over 1.4 billion users globally, further illustrates a transformation in how consumers engage with financial services.

Executives like Standard Chartered’s Naveen Mallela anticipate wallets tied to digital identities that unify various asset types—cash, tokenized deposits, stablecoins, and crypto—within a single interface, effectively replacing separate accounts across banks and brokerages. Meanwhile, crypto firms such as Binance are expanding beyond trading to integrate payments and financial services into super-apps that offer multi-asset holdings and spending capabilities. This convergence blurs the lines between banks, fintech firms, and crypto platforms, with each adopting features traditionally belonging to the others.

Despite these developments, the banking system remains central, anchored by regulated infrastructure essential for trust and safety. Experts caution that self-custody of private keys, while empowering, carries risks without recourse or insurance, likening it to “cash under a mattress.” The evolving landscape is less about the disappearance of traditional banks and more about an adaptation of the financial ecosystem to incorporate blockchain and tokenization, improving speed, transparency, and accessibility for digitally native users.