Crypto executives say digital native generations may never need a bank account

Finance Crypto executives say digital native generations may never need a bank account teakhouse Financial co-founder Adrian Cachinero says digital-native generations may rely less on banks, while Binance says younger users are already driving crypto adoption in emerging markets. By Olivier Acuna | Edited by Cheyenne Ligon Jul 18, 2026, 6:30 p.m. 4 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Kids with phones (Tim Gouw/Unsplash) Summary Show Crypto executives and bankers increasingly expect younger, digitally native consumers to rely on wallets holding stablecoins and tokenized assets instead of traditional stand-alone bank accounts. Stablecoins and tokenized deposits are projected to grow sharply and divide roles, with stablecoins handling more retail payments and remittances while bank-issued tokens support larger wholesale and institutional flows. Banks, fintechs and crypto firms are rapidly converging on a super-app model, blurring the line between banking and crypto even as regulated infrastructure and questions over self-custody keep banks central to the system. Adrian Cachinero believes his 18-month-old daughter may grow up thinking about money and bank accounts differently than previous generations. “My daughter, she’s one and a half years old, and I think she might never need to open a bank account in her life,” the Steakhouse Financial co-founder said in an interview with CoinDesk in London. “We’re building products for that generation.” That belief is shaping Steakhouse Financial, a decentralized finance (DeFi) firm that manages more than $4 billion in blockchain-based vaults. The vaults are smart contracts that let users deposit stablecoins, earn yield and retain control of their assets rather than placing them with a bank or other intermediary. Cachinero clarified he isn’t saying banks will disappear. Instead, he believes people who grow up in a digital-first world will expect payments, savings and other financial services to work online. “I might be the last generation that remembers life before the internet,” he said. “For the generations that followed, the internet is just a fact of life.” Evidence of that shift is growing. Visa’s stablecoin tracker recorded $6.6 billion in volume across 132.4 million retail-sized transactions (those worth less than $250) during the latest 30-day period. Standard Chartered expects stablecoin circulation to increase about sevenfold to roughly $2 trillion by 2028, while agent-led purchases could rise from 1% of e-commerce in 2025 to 12% in 2029. Neobanks capture nearly 40% of new banking accounts globally, boasting over 1.4 billion users. A step further Naveen Mallela, Standard Chartered’s global head of payments, also expects the traditional account-based model to change. He believes people will eventually use a wallet tied to their identity instead of separate bank and brokerage accounts. “Rather than having bank accounts with individual banks or having separate brokerage accounts, you would have a wallet where you’ll have cash, tokenized deposits of some sort issued by different banks, stablecoins, tokenized money market funds, crypto and funds, all of that in one app, one wallet,” he said, clarifying that this was his personal opinion, not a formal Standard Chartered position. His forecast does not remove banks from the system. The wallet he described could hold deposits and tokens issued by several banks, which would continue providing much of the money, infrastructure and controls behind the services. Mallela expects stablecoins and bank-issued tokenized deposits to serve different markets. He said stablecoins may handle more retail payments and remittances, while tokenized deposits could account for more of the value in wholesale and institutional payments. Most cross-border payments still move from one bank account to another. Stablecoins can transfer value between wallets around the clock, Mallela said, but users can face delays when money must reach a bank account. Binance sees it too Binance is seeing part of that shift among its customers, although the exchange said it did not have data showing whether its average user is getting younger. “I think a lot of our users are younger,” Shunyet Jan, Binance’s head of exchange and trading, said. “Especially in emerging markets, they definitely are younger.” Jan said Binance wants to expand beyond crypto trading into payments and other financial services through a super app that lets customers hold different assets and use them from one place. Banks, fintech companies and crypto firms are already moving into each other’s businesses. They've added crypto trading, while exchanges offer debit cards, payment services and tokenized assets. “You could see how everyone is moving onto each other’s turf,” Jan said. “All of us are seeing the value of a super app where you could do everything together in one place.” 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.” Rather than an end The forecasts point to a change in how financial services reach customers, rather than the end of banks. Crypto companies are adding accounts and cards. Banks are testing tokenized deposits and blockchain payments. Steakhouse already operates mainly with stablecoins, Cachinero said. The company maintains a bank account but uses it sparingly. “I think the defining moment for most people might well be something simple like a payment transfer,” he said. Stablecoin transfers can settle in minutes and can be tracked on a blockchain. Bank transfer times vary by country, payment system and provider. Some settle within seconds, while some cross-border payments involving several banks take longer. “I really think that stablecoins will be a similar means of exchange for people that are digitally native,” Cachinero said. “For them, the internet is just a fact of life. 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