Bankless

The Unbundling of Banks: How Stablecoins Change Everything | Charles Calomiris

95 snips
Sep 22, 2025
Economist Charles Calomiris dives into the transformative power of stablecoins on traditional banking. He discusses how stablecoins are unbundling payment and lending services, reshaping the financial landscape. Calomiris emphasizes the crucial role of politics over technology in this evolution and warns of the fragility of this transition. He also explores the implications for the future of the dollar and the need for organized political actions to safeguard public interests in crypto policy.
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INSIGHT

Banks Are Products Of The State

  • Modern banks are political creations: nation-states charter banks and set their rules.
  • Understanding banking requires analyzing the political bargains behind charters.
ANECDOTE

Boston Tea Party As A Corporate Story

  • Charles recounts the Boston Tea Party's real cause as monopoly privilege for the East India Company.
  • He uses that episode to illustrate how charters and special privileges shaped early corporate and bank power.
INSIGHT

Stablecoins Are Politically Contingent

  • Stablecoins won't succeed by technology alone; politics and coalitions determine outcomes.
  • The Genius Act and administrative choices show political power shapes stablecoin adoption.
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