Money doesn’t become digital overnight.
It becomes digital when the rails of finance begin to change.

In this episode of MoneyNeverSleeps, Pete Townsend speaks with Emma Landriault of JPMorgan about why stablecoins and bank-issued deposit tokens may end up reinforcing, rather than replacing, each other.

Emma Landriault is Executive Director at JPMorgan and global product lead for JPM Coin, a deposit token that enables institutional clients to move money between accounts in real time, 24/7.

Drawing on her work building deposit tokens and financial market infrastructure, Emma explains why stablecoins, deposit tokens, and potentially central bank digital currencies represent different layers of the financial system rather than competing forms of money.

Across crypto, fintech, and traditional finance, the conversation around stablecoins, tokenised deposits, and onchain settlement is moving from experimentation toward real financial infrastructure. Companies such as Stripe, Visa, Mastercard, and major global banks are increasingly integrating these rails into payments, treasury, and settlement systems.

Rather than replacing banks, digital money is emerging as a modular system where different forms of value serve different roles — from programmable treasury operations to onchain settlement and institutional liquidity management.

This isn’t a crypto-versus-banks conversation. It’s a discussion about financial architecture, interoperability, and how the rails of global finance are quietly evolving.

We cover:

• Why stablecoins and bank-issued deposit tokens are designed to coexist
• How liability and trust anchors shape different forms of digital money
• Why corporate treasurers are beginning to manage liquidity directly from wallets
• What programmable treasury operations could mean for financial workflows
• How traditional institutions are approaching onchain assets and digital markets
• Why the future financial system may look more like interconnected networks than isolated payment systems

Emma brings a systems-level perspective shaped by building real financial infrastructure inside one of the world’s largest banks, explaining why operational reality matters as much as technological innovation — and why the next phase of digital finance will likely be defined by interoperability rather than disruption.

If you’re a founder, operator, or investor trying to understand how traditional finance and onchain systems are beginning to converge, this episode offers a practical perspective on where things may be heading.

⏱️ Chapters

00:00 – Why stablecoins and banks can coexist
01:00 – Layers of digital money
02:30 – Liability, trust, and financial infrastructure
04:10 – Deposit tokens vs stablecoins
06:00 – Yield, liquidity, and treasury operations
07:10 – How corporate treasurers use digital assets
08:40 – Programmable treasury and wallet infrastructure
10:00 – Institutional interest in onchain finance
11:15 – Convergence and network-based financial systems
13:00 – The future architecture of digital money
13:40 – Closing thoughts

For full show notes and guest links, see below.

MoneyNeverSleeps explores one big idea each week in under 15 minutes with founders, operators, and investors shaping crypto, fintech, AI, and onchain finance.

If you're interested in where financial infrastructure is heading — from stablecoins and tokenized assets to AI-driven markets — subscribe and join the conversation.

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Why Stablecoins and Banks Will Coexist | Emma Landriault | JPM Coin (EP. 306)