Bankless The Unbundling of Banks: How Stablecoins Change Everything | Charles Calomiris
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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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Banks' Merger Contracts Fueled Activist Coalitions
- Charles reveals banks contracted $2.5 trillion to activist groups during mergers (1995–2007).
- He uses this to show how political coalitions extract value and shape banking outcomes.
Bundling's Economics Are Changing
- Historically banks bundled payments and lending because of information advantages.
- Modern information tech reduces those costs and makes unbundling financially viable.
Shadow Banks Reveal The Future
- Shadow-bank players already specialize: stablecoin issuers focus on payments while others focus on lending.
- That market specialization signals durable unbundling even before regulation shifts.
