01The market in figures
~$300bnstablecoins
Market cap ($317bn on 4 May 2026).
$2.5tncrypto
Total market cap ($2.7tn including stablecoins).
> $5bn/dayJPM Kinexys
Daily tokenised deposit volumes in production.
$600bn–1tnmoney market funds
Projected tokenised AUM by 2030.
The report also distinguishes gross stablecoin volumes ($62tn annualised in 2025) from real payments ($350–550bn after filtering bots and internal flows), and puts crypto-backed lending at $65bn outstanding (Q3 2025).
02Ten key trends
- The inflection point has been crossedRegulatory clarity (GENIUS Act, OCC), infrastructure maturity, institutional adoption: the strategic window is 12 to 24 months.
- Stablecoins enter transaction bankingCross-border remittances, store of value, cross-border B2B, agentic commerce; the entry of Visa, Mastercard, Amazon and Walmart shifts the balance of power.
- Tokenised deposits, the natural instrument of large transaction banksFamiliarity, interest, programmability. Siemens / JPM: liquidity −50%, treasury effort −70%, over $20m a year.
- Coexistence, not replacementStablecoins for cross-border and open payments, tokenised deposits for intra-bank flows, wholesale CBDC for interbank settlement.
- Tokenised money market fundsThe most immediate product-market fit; the Amundi / Ant International deal of June 2026 is the proof.
- Crypto brokerageA defensive entry point as much as a revenue source: without an offer, clients migrate to specialist platforms.
- Tokenisation of real-world assetsNYSE / Securitize, DTCC's tokenisation service: institutional DeFi is connecting to regulated market infrastructure.
- An orchestrator postureBuild where the bank has a durable advantage, partner for native layers (custody, smart contracts, keys).
- Six new risk vectorsLegal certainty, compliance, cyber resilience, client asset protection, interoperability, operational scalability: extend frameworks, do not replace them.
- Agentic AIThe most disruptive catalyst: in a world of autonomous agents, cut-off-based rails become brakes, and stablecoins and smart contracts the natural substrate.
03The OpenbanQ view: blind spots and implications
The report is solid in its mapping and useful as a conviction tool for executive committees. But Anchorage Digital's contribution creates a bias in favour of custody and stablecoins, and the source is US-centric.
| Blind spot | What is missing |
|---|---|
| Europe is absent | No mention of MiCA (EMT / ART), of constraints on USD stablecoins in Europe, or of the ECB's work on wholesale central bank money. US recommendations do not transpose directly. |
| Interoperability as wishful thinking | A necessary but unresolved condition: who governs common standards? Tokenised deposits remain intra-bank or intra-consortium. |
| Corporate resistance underestimated | CFOs and treasurers are cautious because of governance constraints: investment policy, counterparty rules, IAS 32/39 accounting treatment, auditor validation. |
- European transaction banks: define their position on the money layer before Kinexys or US platforms capture large multinational corporates.
- Treasurers and CFOs: automated liquidity gains (tokenised deposits, programmable sweeps, collateral mobilisation) are measurable, after prior dialogue with the bank and auditors.
- TradeTech fintechs: the convergence of trade finance (eBL, electronic guarantees, MLETR) and digital assets is the most under-explored territory, and where OpenbanQ positions its expertise.
Sources : BCG / Anchorage Digital, June 2026; Coingecko, J.P. Morgan Kinexys, Galaxy Research, RWA.xyz (data as of May 2026); OpenbanQ expert view.