Jan said that many Binance employees, including himself, already keep most of their assets on the exchange. “I could make payments, I could use my debit card to spend what I need, where I want,” he said.
The lines are blurred
Eneko Knorr, co-founder and CEO of Dubai-based stablecoin company Stabolut, said the line between banks and crypto companies is becoming harder to see.
“Today you see regular banks offering crypto and crypto platforms offering real bank accounts and normal banking services,” Knorr told CoinDesk. “Of course the world still runs on fiat, so we all have to make a standard bank transfer to pay rent or utility bills.”
Knorr said younger customers can opt for an app that combines stablecoins with everyday banking services.
Rohan Misra, head of the Gulf Cooperation Council region and CEO of AMINA Bank ADGM, said that stablecoins are increasingly used for payments and settlement, but still need regulated banking infrastructure.
“The wallet alone is not the bank account,” Misra said. “The regulated infrastructure around it is.”
Misra also questioned whether self-service, where users control their private keys, would become the standard.
“Self-care means that if someone gets access to your private key, your assets are gone with no recourse, no recovery and no insurance,” he said. “It’s cash under a mattress.”
