The traditional bank account is facing an existential threat from digital wallets

Jan said 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 whatever I need wherever I want,” he said.

Lines are blurring

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 regular money, so we all have to make a standard bank transfer to pay rent or the utility bills.”

Knorr said younger customers may choose an app that combines stablecoins with daily banking services.

Rohan Misra, head of the Gulf Cooperation Council region and CEO of AMINA Bank ADGM, said stablecoins are increasingly used for payments and settlement but still need regulated banking infrastructure.

“The wallet alone isn’t the bank account,” Misra said. “The regulated infrastructure around it is.”

Misra also questioned whether self-custody, where users control their private keys, would become the default.

“Self-custody means if someone accesses your private key, your assets are gone with no recourse, no recovery and no insurance,” he said. “That’s cash under a mattress.”