Stablecoins aren’t a “crypto side quest” anymore—they’re becoming core financial infrastructure.

In this episode of What’s Going On in Banking, Ron Shevlin and Stacey Bryant break down Mastercard’s $1.8B bet on stablecoin infrastructure, why deposits may be more mobile than ever, and what banks are getting completely wrong.

They also dive into:

Why waiting on stablecoins could be a fatal mistake
How tokenization could reshape payments (and profits)
The real risk behind “we’re monitoring it” strategies
And what Revolut needs to do to actually win in the U.S.

Bottom line: the industry is changing fast and not everyone is ready.

Show Notes:

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Chapters
00:00] Intro + Stacey’s conference recap
[02:30] Why banks are still stuck on AI adoption
[04:00] Inside the On-Chain conference (what stood out)
[06:00] “You can’t sit this out” — stablecoin urgency
[08:30] Mastercard’s $1.8B acquisition breakdown
[11:00] Stablecoins = real infrastructure, not crypto hype
[13:30] Are banks outsourcing their future to Mastercard?
[16:00] Optimistic vs realistic vs pessimistic takes
[18:30] $6.6T in deposits at risk (“deposits that walk”)
[23:00] Revolut enters the U.S. — opportunity or overhyped?
[25:30] The “Cheesecake Factory” problem in fintech
[29:30] The future: do we even need banking apps anymore?

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Subscribe to the What's Going On In Banking podcast here:
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