Can Stablecoins Keep Deposits in Banks? w/ Cooper Thompson (Fiserv)
Money Code
State collaboration and funding innovations
Cooper details collaboration with Bank of North Dakota to use stablecoins and tokenization for state liquidity.
Presented by Stablecon; Powered by BVNK.
In episode 18 of Money Code, hosts Chuk Okpalugo and Raj Parekh are joined by Cooper Thompson, Head of Innovation for Embedded Finance and Digital Assets at Fiserv.
They argue that stablecoins won’t replace bank cores but will connect them, and that the real bottleneck for bank adoption is the liability side: if reserves sit in Treasuries or at GSIBs, stablecoins undermine deposit-funded lending unless “fiat-layer” designs keep backing deposits distributed across smaller institutions.
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Chapters
00:00 The bank funding problem stablecoins create
00:55 Why Fiserv is in the “implementation layer”
02:36 What banks want: trust, reliability, and constraints
04:54 “Not everything moves onchain; cores stay”
06:38 Why FIUSD: stablecoins ignored fiat-layer innovation
10:33 FIUSD distribution: regulated-network cash, not DeFi liquidity
12:12 Domestic rails vs cross-border wins, and where programmability matters
17:36 Tokenized deposits vs payment stablecoins
21:14 StoneCastle and the deposit network mechanism
31:33 What products move onchain first: multi-party coordination
36:45 Privacy on public ledgers: ZK, audit keys, and institution-grade needs
39:49 Parting advice: when to adopt, and staying educated
Connect with the Hosts & Guest
Chuk Okpalugo: https://www.linkedin.com/in/chuk-okpalugo/ | https://x.com/chuk_xyz/ | http://stablecoinblueprint.com
Raj Parekh: https://www.linkedin.com/in/rajparekh7/ | https://x.com/rajparekh | http://monad.xyz
Cooper Thompson: https://www.linkedin.com/in/cooper-thompson-963a01171/ | https://www.fiserv.com/
About Money Code
Money Code is the show that decodes stablecoins and the evolution of programmable money for builders, investors, and decision-makers. Each week, join hosts Chuk Okpalugo, Author of Stablecoin Blueprint and Raj Parekh, Head of Payments/Stablecoins at Monad Foundation as they break down the systems and strategies of seasoned operators in the space, revealing the insights you need for better build and buy decisions.
About Stablecon
Stablecon (https://stablecon.com/) is the premier gathering for those at the intersection of DeFi, economic policy, financial infrastructure, and institutional integration, and those reinventing global commerce. By convening the brightest minds in fintech and crypto, Stablecon provides attendees with world class thought leadership and fosters unparalleled networking and strategic collaboration across the digital payments industry. Whether you’re building, advising, or navigating this new frontier, this is the room where it happens.
About BVNK
BVNK is the leading provider of stablecoin payments infrastructure, helping businesses move money faster, settle globally, and even launch their own stablecoin products. Head to https://bvnk.com/ to learn more.
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