Stablecoins and Tokenized Assets Push Banks and Crypto Into Same Markets

The notable shift here is structural rather than directional: tokenization is dissolving the boundary that once let banks and crypto firms treat each other as separate asset classes. Now they are chasing the same payment rails and the same instruments, which makes differentiation a distribution and compliance question more than a technology one. The open question is whether this convergence produces genuine competition on cost and access, or simply a re-labeling of existing products by incumbent balance sheets.