Sibos, OUSD, and agentic bank runs

Simon reports from Sibos, where tokenization had moved from the innovation track to the opening keynote, and the question had shifted from how to do it to how to get it into production at scale. Regulation in Europe, the UK and across borders is still unresolved.

Dan argues that capital rules make tokenized deposits the natural tool for banks, while tech companies and global marketplaces can use stablecoins directly. Simon notes that those tech companies are the clients banks most want, and they are asking for stablecoins. His advice to banks: offer a one-to-one swap between tokenized deposits and stablecoins, and be the off-ramp those clients want.

On the launch of Open USD, Simon heard from several institutions that they liked that it doesn’t come from a private issuer, along with redemption at par, low fees and a share of reserve income. Dan argues that sharing reserve income by default sets a new standard: a business that owns distribution shouldn’t have to negotiate a one-off deal with an issuer. He doesn’t think OUSD wins by default, and says it’s worth watching how far the founding members, Stripe, Visa, Mastercard, Coinbase and Shopify, lean in.

Simon’s piece on agentic bank runs responds to Apollo’s chief economist. He thinks a run is unlikely, because people still see switching banks as costly even when it’s easy, but warns that a bank can keep the checking account and lose the customer, as AI models already recommend fintechs over banks for new business accounts. Dan expects a slow, generational shift towards agent-native services, with agents first proving their worth by finding people money. His conclusion: it’s not a bank run, but the competitive bar has been raised. Simon’s advice to institutions is neither to block agents outright nor to allow everything, but to protect what needs protecting and learn with real customers.