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 whatever I need wherever I want,” he said.
The lines are blurring
Eneko Knorr, co-founder and CEO of Dubai-based Stabolut, said the line between banks and crypto companies is increasingly difficult to see.
“Today you see regular banks offering cryptocurrencies and cryptocurrency 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 utility bills.”
Knorr said younger customers can choose an app that combines stablecoins with everyday banking services.
Rohan Misra, head of the Gulf Cooperation Council region and CEO of AMINA ADGM bank, said that stablecoins are increasingly used for payments and settlements, but they still require regulated banking infrastructure.
“The wallet alone does not constitute a 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 that if someone gains access to your private key, your assets disappear with no recourse, no recovery and no insurance,” he said. “That’s cash under a mattress.”
