Michael Shaulov on NYSE Live: Why Banks Get Stablecoins Wrong
Fireblocks Co-founder and CEO Michael Shaulov joins NYSE Live at Money20/20 Europe to explain why the GENIUS Act unleashed stablecoin adoption, and what it means for banks, card networks, and the future of money movement.
Michael breaks down why the most important US stablecoin policy is already settled, why he thinks banks misunderstand stablecoins entirely, and how tokenization, money market funds, and programmable money will pressure the traditional banking model regardless of the Clarity Act. He also maps where Visa and Mastercard fit today, and the longer-term risk that account-to-account stablecoin transfers could disintermediate the card networks altogether.
Interview by Anastasia Kinsky, London host, FINTECH.TV, recorded at Money20/20 Europe.
Chapters:
0:00 Inside Money20/20 Europe
0:21 The GENIUS Act and stablecoin adoption
0:53 The Clarity Act and what it means for banks
1:06 Why banks misunderstand stablecoins
1:33 AI, programmable money, and idle assets
2:05 Why bank business models are under pressure
2:41 Where Visa and Mastercard fit in
2:54 Pillar one: unbanked wallets and card spend
3:55 Pillar two: stablecoin settlement for acquirers
4:23 The disintermediation risk ahead
Explore stablecoin infrastructure: https://www.fireblocks.com/solutions/stablecoin-infrastructure
Fireblocks for payments: https://www.fireblocks.com/platforms/fireblocks-network/directory
Fireblocks for banks: https://www.fireblocks.com/industry/banks
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