Beyond the Divide: Why the Future of Money Belongs to Both Banks and Blockchains

FinanceX Research by Sean Murphy

Something remarkable is happening in finance. After years of eye-rolling and denial, the crypto and traditional banking worlds are finally learning to speak the same language.

When I first started working in fintech ten years ago, these groups could not have been further apart. I remember a conference in Dublin in 2017 called MoneyConf. It was like two different planets sharing a venue. One side was packed with crypto evangelists, many of whom had stumbled into wealth by holding tokens they barely remembered buying. The other side was full of career bankers in grey suits, talking about Basel rules and risk committees. They did not just disagree; they dismissed each other entirely.

A decade later, the tone has changed. Banks are struggling to adapt their systems recognizing that they are too slow and too expensive to handle a global, always-on economy. The “crypto crowd” has completely changed, they have learned that technology alone cannot replace trust, regulation, and legal protection.

For the first time, both sides want the same thing: a financial system that moves at the speed of blockchain but carries the safety of a bank. That is the promise of interoperability and it is closer than most people think.

Survey

For the past month, we’ve been running a survey at FinanceX to see how cross-border payments are changing. We focused on tokenized deposits, stablecoins, and the new payment rails that could make money move faster and cheaper across borders. Our goal was to understand how traditional financial institutions and digital-first companies see this shift, what obstacles they face, and what might convince them to try something new.

The answers have been revealing. They show two very different worlds starting to move in the same direction. Established banks still prize regulation and control. Digital-asset firms care more about speed and global reach. Yet both are looking for the same thing: a payment system that works better. Somewhere in between lies tokenized money, a concept that combines the trust of banking with the technology of crypto. It might just be the bridge that finally connects the two.

The research is still ongoing but I am happy to share some of the initial insights we have gathered.

Cohort 1: Established Banking and Payments Professionals

This view comes directly from the qualitative data we gathered in our survey. Views from experienced professionals from banks, payment processors, and large financial institutions. Their responses show a clear pattern. The technology is not the problem. What matters to them is regulation, interoperability, and liquidity.

They want assurance that tokenized deposits are legally recognized as bank money and protected by existing rules such as deposit insurance and AML oversight. They want clear signals from major regulators before moving forward.

They also want these new systems to connect with existing ones such as SWIFT and SEPA. Integration is more important than disruption. The respondents spoke about real-world evidence: faster settlement, lower costs, and fewer reconciliation errors.

Cohort 2: Firms Active in Stablecoin and Digital Asset Networks

Their focus is on what works: speed, cost, and access. They view tokenized deposits as a way to move money globally without the delays and expenses of correspondent banking. Compliance and licensing are seen as necessary but manageable. What excites them is the chance to simplify payments while keeping them fully regulated and backed by real deposits.

Respondents trust regulated infrastructure. They believe tokenized deposits can match stablecoins in functionality while adding legitimacy and security. They value interoperability, the ability to connect across banks, blockchains, and currencies.

They also acknowledge that education is needed. Most users still do not understand the difference between stablecoins, CBDCs, and tokenized deposits. Overall, this cohort is forward-looking and confident. Their message is clear: we are ready to scale, just give us the rails and the green light.

Common Threads

One of the most evident signs of change is how much these two worlds now agree on specific topics, for example tokenized deposits. Every company active in stablecoin and digital-asset networks said they would be likely or very likely to explore them if offered by regulated financial institutions. 

The traditional banking side was almost as strong, with close to 70 percent saying the same. Ten years ago, that kind of agreement would have been impossible to imagine.

Back then, crypto and banking barely spoke the same language. Today, they are talking about building on the same rails. 

It has been exciting to see this change unfold through the survey. The responses keep coming in, and each one adds another piece to the story. If you'd like to know where this is heading, you can still take part in the survey here. We will be sharing more insights soon on how tokenized deposits, stablecoins, and traditional banking are beginning to move in the same direction.