Atomic Settlement

Atomic Settlement

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When the deposit beta goes agentic

Deposit franchises are priced on a depositor who has to notice and money that takes a day to move. Software is coming for both.
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The Netflix Question
Banks are evaluating tokenized money as a project decision. The evidence says it's may be more like a business model decision.
 • Stuart Cook
🏦 Friction as the franchise
No customer is going to ask for tokenized deposits, but the demand is arriving anyway, through a door most banks aren't watching.
 • Stuart Cook
The Train and the Tracks
After spending the last century regulating the train. The risk is now moving to the tracks.
 • Stuart Cook
The Operating Account Was Never Free
Open USD looks like an attack on Circle, but could it actually be a serious bid to buy back the float that has funded banking for fifty years?
 • Stuart Cook
The Tokenization Bifurcation
A Texas community bank shipped a dollar that can be a bank deposit and a stablecoin. Why it has to be both tells you a lot about what the rules are…
 • Stuart Cook
The Bridge Between the Bridges
Six tokenized deposit networks are forming in the US, three of the same banks sit inside two of them, question is, who clears between them.
 • Stuart Cook
Who Owns The Liquidity Layer?
Tokenization is solving issuance and wallets. And recreating, one network at a time, the trapped liquidity problem that the Fed master account and a…
 • Stuart Cook
The orchestration layer
When rails commoditize, the routing decision is where the economics compound, but it's also where the systemic risk concentrates.
 • Stuart Cook
The wallet is the bundle
Merrill bundled four products in 1977 and changed who owned the customer. Tokenization lets the wallet bundle everything.
 • Stuart Cook
Atomic Settlement
Atomic Settlement
Regular news and insights on how tokenization is reshaping settlement, payments, and financial infrastructure.

Atomic Settlement

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