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.
16 hrs ago
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Stuart Cook
2
July 2026
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.
Jul 26
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Stuart Cook
4
🏦 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.
Jul 19
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Stuart Cook
4
1
The Train and the Tracks
After spending the last century regulating the train. The risk is now moving to the tracks.
Jul 12
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Stuart Cook
2
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?
Jul 5
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Stuart Cook
4
June 2026
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…
Jun 28
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Stuart Cook
4
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.
Jun 21
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Stuart Cook
2
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…
Jun 14
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Stuart Cook
3
1
The orchestration layer
When rails commoditize, the routing decision is where the economics compound, but it's also where the systemic risk concentrates.
Jun 7
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Stuart Cook
3
May 2026
The wallet is the bundle
Merrill bundled four products in 1977 and changed who owned the customer. Tokenization lets the wallet bundle everything.
May 31
•
Stuart Cook
1
1
Banks Enter the Stablecoin Era
BIS Project Agora illustrates tokenized wholesale payments can settle in seconds across borders, while a US national bank issues the first stablecoin to…
May 29
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Stuart Cook
2
Bank money and bearer money
Tokenized deposits and stablecoins are doing different jobs. Banks that pick one are solving half the problem.
May 24
•
Stuart Cook
3
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