--- title: "The new bank stack: stablecoins, custody and on-chain settlement" description: Explore how financial institutions are adapting to the demands of digital assets, stablecoins, and 24/7 settlement to modernize their infrastructure and operations. image: https://blog.cryptio.co/hubfs/1.%20Panel%201_The%20new%20bank%20stack%20(2).jpg --- [![Cryptio logo](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/logo-black.svg "Cryptio logo")](https://cryptio.co/) - Solutions ![accounting-firms-green-bordered.b2040145-3](https://blog.cryptio.co/hubfs/accounting-firms-green-bordered.b2040145-3.svg) ##### [Accounting and Tax](https://cryptio.co/solutions/accounting-tax) [Automate GAAP & IFRS compliant reporting](https://cryptio.co/solutions/accounting-tax) ![internal-controls-green-bordered.eaefa46d-1](https://blog.cryptio.co/hubfs/internal-controls-green-bordered.eaefa46d-1.svg) ##### [Internal controls](https://cryptio.co/solutions/internal-controls) [Ensure completeness and accuracy of crypto data to an auditable standard](https://cryptio.co/solutions/internal-controls) ![Nav bar icons\_Blockchain Foundations](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Blockchain%20Foundations.svg) ##### [Reconciliation](https://cryptio.co/solutions/reconciliation) [Reconcile crypto balances and transactions with internal systems](https://cryptio.co/solutions/reconciliation) [![build-vs-buy-guide.64b11d10-1](https://blog.cryptio.co/hubfs/build-vs-buy-guide.64b11d10-1.svg)](https://landing.cryptio.co/build_vs_buy) ##### [Build your back-office](https://landing.cryptio.co/build_vs_buy) Learn why leading enterprises choose to buy rather than build their own back-office solutions [Download guide](https://landing.cryptio.co/build_vs_buy) - 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[Download guide](https://landing.cryptio.co/guides/how-to-get-audit-ready) [![build-your-back-office-nav.7bffac50](https://blog.cryptio.co/hubfs/build-your-back-office-nav.7bffac50.svg)](https://landing.cryptio.co/guides/back-office-playbook) ##### [Build your back-office](https://landing.cryptio.co/guides/back-office-playbook) Accounting & reportingfor crypto-native businesses [Download guide](https://landing.cryptio.co/guides/back-office-playbook) - [Pricing](https://cryptio.co/pricing) - [Careers](https://cryptio.co/careers) [![Sign in](https://no-cache.hubspot.com/cta/default/20275766/989fa2da-65dc-4b42-96c1-3d9abcc57425.png)](https://cta-redirect.hubspot.com/cta/redirect/20275766/989fa2da-65dc-4b42-96c1-3d9abcc57425) [![Book a demo](https://no-cache.hubspot.com/cta/default/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c.png)](https://cta-redirect.hubspot.com/cta/redirect/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c) - ![LinkedIn](https://blog.cryptio.co/hubfs/LinkedIn.svg) - ![Twitter](https://blog.cryptio.co/hubfs/Twitter.svg) ![](https://blog.cryptio.co/hubfs/1.%20Panel%201_The%20new%20bank%20stack%20(2).jpg) **[Greg Bland](https://blog.cryptio.co/author/greg-bland) |** October 13, 2026 - [Crypto Finance Forum](https://blog.cryptio.co/tag/crypto-finance-forum) ## The new bank stack: stablecoins, custody and on-chain settlement ## The new bank stack: stablecoins, custody and on-chain settlement ### Key takeaways - **Digital assets now demand institution-wide infrastructure change.** Capturing the benefits of stablecoins, tokenization and on-chain settlement means upgrading systems and workflows across the institution. - **24/7 money requires a different banking operating model.** Always-on settlement changes core banking, transaction monitoring, liquidity management, margining and the time institutions have to identify and remediate risk. - **Institutional digital assets increasingly mean supporting multiple rails.** Different stablecoins, blockchains and regulatory regimes introduce significant governance, integration and operational complexity. - **Reconciliation and source-of-truth become critical as traditional and digital finance converge.** On-chain activity still has to reconcile with custody systems, internal records and traditional books and records. ### Panelists - [**Amy Oldenburg**](http://linkedin.com/in/amyoldenburg) – Head of Digital Asset Strategy | Morgan Stanley - [**Tamara Schulz**](http://linkedin.com/in/tamara-schulz-920b9225) – Chief Accounting Officer | Circle - [**Matthew DeCicco**](http://linkedin.com/in/matthew-decicco-016a041a) – Head of Digital Assets | Cantor Fitzgerald - [**Andy Riggs**](http://linkedin.com/in/andyriggs) – Chief Credit Officer | Augustus - **Moderator: [Antoine Scalia](http://linkedin.com/in/antoine-scalia)** – Founder & CEO | Cryptio ### Digital assets move out of the silo For years, financial institutions could largely treat digital assets as a discrete initiative: a specialist team, investment product or isolated blockchain project. That approach is becoming harder to sustain as activity moves deeper into the institution. Amy Oldenburg described Morgan Stanley's shift as taking digital assets *“out of the silo”* and reframing the work around the modernization of financial infrastructure. An institution can launch an ETP or tokenize an asset using relatively familiar infrastructure. The harder question is what has to change across the organization to capture the efficiencies of stablecoins, tokenization and new settlement rails at scale. That same theme ran across the panel. Andy Riggs reduced the role of a bank to three basic functions: holding money, sending money and lending money. Tamara Schulz was equally clear that stablecoins do not make those institutions obsolete. > *“It is not that stablecoins are going to replace banks. It's rather just a continued extension of regulated money into that always-on internet native economy.”* > – Tamara Schulz, Circle Banks remain an essential part of Circle's model. What changes is the environment in which regulated money can operate: continuously, across new networks and with new forms of programmability. Matthew DeCicco added the investment-bank perspective: providing institutional access to digital assets also means adapting middle-office, back-office and downstream systems. The new bank stack is therefore much broader than any single blockchain or banking product. It is the infrastructure required to make traditional financial functions work as money and assets move onto digital rails. ### Regulation has to be operationalized across the institution Regulatory clarity matters, but institutions rarely deal with one regulator, one entity or one jurisdiction. Circle's approach has been to identify the principles that recur across regulators: safety and soundness, reserve transparency, controls, and appropriate accounting and reporting. From there, Tamara said Circle tries to build a common standard that can then be adapted to what individual regulators require, rather than constructing a completely bespoke control environment each time. For Morgan Stanley, the problem becomes global. Amy's response to recent U.S. regulatory developments regarding CLARITY was simple: **“the train has left the station.”** The institution is continuing to build. But a global bank still has to coordinate what different regulated entities are permitted to do and then understand how the same activity is treated when it crosses jurisdictions. A stablecoin transaction that begins in the U.S. can raise a new set of questions once it touches Europe, the UK or Asia. Amy described regulatory coordination as an increasingly important function of Morgan Stanley's central digital asset team. Cantor faces another version of the same problem. Supporting tokenized securities requires meaningful investment in systems and technology. But where the boundaries around permitted activity remain uncertain, regulated institutions have to weigh that infrastructure investment against the risk that the rules change. The implication is that regulation increasingly has to be **operationalized**. It is not one gate that opens or closes; it becomes a matrix of permissions, controls, entities and jurisdictions embedded into how an institution operates. ## When money moves 24/7, the bank itself has to change Augustus is approaching always-on finance without decades of legacy infrastructure. Andy explained that the bank built its own core around 24/7 money movement, alongside its own transaction-monitoring system. That changes more than payment speed. If money can move continuously, liquidity and asset-liability management change too. Andy said Augustus has had to think about investing its balance sheet more conservatively because always-on movement creates different liquidity demands. The operational impact is just as significant. Traditional banking hours created natural pauses. Institutions had time to reconcile payments, investigate fraud, manage overdrafts and deal with exceptions before the next cycle began. Always-on finance compresses that window. As Andy put it later in the discussion, everything simply accelerates. A margin call can arrive at three in the morning, including for a client where the institution may want to make a judgment call rather than follow an entirely automated process. Cantor's Bitcoin-backed lending business illustrates the same shift from the perspective of an incumbent institution. Matthew said its original product deliberately looked more like a traditional repo and, partly because of operational constraints, did not initially call margin in real time. But as markets become continuous, the operating model has to evolve. > *“Especially as you start seeing more and more markets go 24/7… the operational intensity is real.”* > – Matthew DeCicco, Cantor Fitzgerald Matthew also made the point that institutions do not necessarily need to build every piece of that infrastructure themselves. Specialist loan-servicing platforms can take on parts of the operational burden where appropriate. The key distinction is that 24/7 settlement is not simply a faster version of the existing system. It reduces the time available to identify, reconcile and remediate risk – and changes the controls and systems around the transaction. ## The future probably has many rails One of the panel's recurring themes was the importance of meeting customers where they already operate. For Circle, that has historically meant making USDC available across a broad blockchain ecosystem. Tamara described Arc as an extension of that strategy: a purpose-built network designed for internet-scale economic activity while Circle continues to support customers across other networks. The distinction matters, because building a proprietary rail does not necessarily mean abandoning interoperability. Augustus is taking a similarly pragmatic approach. Andy sees potential use cases for a first-party stablecoin around internal transfers and on/off-ramping, while acknowledging that customers will continue to use established third-party stablecoins as well. Matthew believes consortium-led models could ultimately play an important role in broader institutional activity, but Cantor is less focused on predicting one winner than on being able to support what its clients actually use. That still requires due diligence around reserves, management processes and the underlying asset, but commercially the institution needs flexibility. For incumbents, that flexibility creates significant complexity. During the discussion, Tamara said USDC was available across 36 blockchains. Amy immediately translated that into Morgan Stanley's problem: potentially onboarding those networks and establishing governance around each one. The question therefore shifts from **“which blockchain will win?”** to **“how many networks and assets does an institution need to support safely?”** Every additional rail can introduce another integration, governance process, control environment and reconciliation problem. The emerging bank stack has to assume that the answer may not be one. ## The goal destination is a system that does not keep off-ramping Supporting digital rails only delivers its full value if institutions can eventually remain on them. Amy described Morgan Stanley as trying to build toward **“a future of not off ramping.”** The current model often goes halfway. An institution tokenizes an asset, carries out the transaction, settles using stablecoins – and then immediately converts everything back into fiat and returns to traditional infrastructure. Her reaction was straightforward: **“Why?”** If every on-chain transaction has to immediately exit the digital environment, many of the benefits of the new infrastructure disappear with it. That makes the surrounding systems work essential. Digital rails need to support more of the lifecycle: settlement, collateral, custody, treasury movements, accounting and subsequent transactions. The goal is not simply to connect into blockchains, but to make them persistent components of institutional finance. ### Legacy systems face a “Y2K-era” upgrade Some of the hardest institutional problems are surprisingly mundane. Amy described the expected burden on Morgan Stanley's operations teams as “massive.” Digital assets are arriving while institutions are already investing heavily across AI, data, cybersecurity and other technology priorities. Then there are basic system constraints. > *“There's a Y2K era element to this. A lot of the legacy systems are not made to support what we need.”* > – Amy Oldenburg, Morgan Stanley Some systems may not support the required length of digital-asset identifiers. Others may not support sufficient decimal precision. Whole workflows have to be revisited to understand where assumptions built around traditional assets no longer work. At the strategic level, the industry talks about tokenized securities, stablecoins and instant settlement. At the implementation level, institutions run into database fields, asset identifiers and decades-old workflows. Shortcuts may be tempting while volumes are still small, but Amy cautioned against building too many exceptions into the system. Periods of stress are when weaknesses in financial infrastructure become visible. The challenge is deciding which parts of the existing stack can genuinely be extended – and which need to be rebuilt. ### Reconciliation becomes the connective tissue between two financial systems If one back-office problem stood out from the panel, it was reconciliation. Matthew described reconciling on-chain activity with traditional activity and then into books and records as **“by far”** the most onerous lift and biggest resource drag across the back and middle office. The reason becomes clear once an institution has activity moving continuously across multiple blockchains, custodians, exchanges and internal systems while still needing to produce one authoritative financial record. All of those representations of the same economic activity have to agree. Reconciliation therefore becomes more than a month-end accounting task. It becomes a control layer connecting digital and traditional financial infrastructure. Matthew also argued that institutions should not assume they need to solve everything internally. Where specialist providers have already built digital-asset infrastructure around these problems, Cantor's preference is not to “reinvent the wheel.” For institutions trying to scale digital-asset activity, that build-versus-buy decision becomes increasingly important. The front-office use case may be novel, but many of the resulting data, reconciliation and reporting problems are shared across the industry. ### A “simple” on-chain transaction can trigger the hardest work Tamara closed the discussion with perhaps the clearest illustration of why the new bank stack extends far beyond the blockchain transaction itself. Something can look straightforward on-chain. Then an asset is deposited onto the wrong chain, or another part of the flow breaks. What follows is a cascade of questions. > *“What is your legal and economic exposure, what is the source of truth? Is it on chain, off chain? How do we then reconcile it across the various accounting systems, trust custody, all the various reporting?”* > – Tamara Schulz, Circle The team has to establish what happened, determine the legal and economic position, identify the authoritative record, reconcile the event across accounting and custody systems, and then remediate the exception. Automation helps, but Tamara emphasized the need to understand how different networks operate at a chain-by-chain level. That example captures the larger lesson from the panel. The new bank stack is not one blockchain, stablecoin or core banking system - it is the infrastructure that allows institutions to move across these environments without losing control of liquidity, ownership, risk or the financial record. Stablecoins and on-chain settlement may make money move faster, yet the institutional challenge is to make everything around that money move with it. #### About Cryptio Cryptio is an institutional-grade data engine for accounting, reconciliation, fund administration and credit in the digital assets and AI era. For banks, stablecoin issuers and other regulated financial institutions, Cryptio connects on-chain and off-chain activity across blockchains, custodians, exchanges and internal systems, normalizing that activity into a consistent financial data layer. As institutions operate across more networks and move toward 24/7 settlement, Cryptio helps finance and operations teams reconcile digital-asset activity against core systems and internal records, identify and resolve breaks, and transform complex transaction data into auditable records for accounting, reporting and operational control. The result is a verifiable data layer connecting digital-asset rails with the financial systems institutions already rely on. [Request a demo.](https://www.cryptio.co/demo) #### Table of contents - [Digital assets move out of the silo](https://blog.cryptio.co/the-new-bank-stack-stablecoins-custody-and-on-chain-settlement#anchor-1) - [Regulation has to be operationalized across the institution](https://blog.cryptio.co/the-new-bank-stack-stablecoins-custody-and-on-chain-settlement#anchor-2) - [When money moves 24/7, the bank itself has to change](https://blog.cryptio.co/the-new-bank-stack-stablecoins-custody-and-on-chain-settlement#anchor-3) - [The future probably has many rails](https://blog.cryptio.co/the-new-bank-stack-stablecoins-custody-and-on-chain-settlement#anchor-4) - [The goal destination is a system that does not keep off-ramping](https://blog.cryptio.co/the-new-bank-stack-stablecoins-custody-and-on-chain-settlement#anchor-5) - [Legacy systems face a “Y2K-era” upgrade](https://blog.cryptio.co/the-new-bank-stack-stablecoins-custody-and-on-chain-settlement#anchor-6) - [Reconciliation becomes the connective tissue between two financial systems](https://blog.cryptio.co/the-new-bank-stack-stablecoins-custody-and-on-chain-settlement#anchor-7) - [A “simple” on-chain transaction can trigger the hardest work](https://blog.cryptio.co/the-new-bank-stack-stablecoins-custody-and-on-chain-settlement#anchor-8) - [About Cryptio](https://blog.cryptio.co/the-new-bank-stack-stablecoins-custody-and-on-chain-settlement#anchor-9) ### **Explore howCryptio can help.** [![Book a demo](https://no-cache.hubspot.com/cta/default/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c.png)](https://cta-redirect.hubspot.com/cta/redirect/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c) [Back to blog](https://blog.cryptio.co) ### Discover more from Cryptio - [Crypto Finance Forum](https://blog.cryptio.co/tag/crypto-finance-forum) ### [Fireside with Circle CFO: Setting the standard for regulated stablecoins](https://blog.cryptio.co/fireside-with-circle-cfo-setting-the-standard-for-regulated-stablecoins) 4 minute read - [Crypto Finance Forum](https://blog.cryptio.co/tag/crypto-finance-forum) ### [Crypto accounting standards w. the FASB, Deloitte & RSM](https://blog.cryptio.co/crypto-accounting-standards-w.-the-fasb-deloitte-rsm) 4 minute read - [Insider](https://blog.cryptio.co/tag/insider) ### [Counting crypto: The benefits of a purpose-built data stack](https://blog.cryptio.co/counting-crypto-the-benefits-of-a-purpose-built-data-stack) 4 minute read ## Book a meeting with *our experts* On the call we can set you up with a sandbox account so you can try Cryptio for yourself. ![Letter icon](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/letter.svg) - Enterprise-grade security - Online support - Instant access ![Letter icon](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/loop.png) ![Letter icon](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/ethereum_bitcoin_coin.png) ![Cryptio logo](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/logo-white.svg "Cryptio logo") [![LinkedIn](https://blog.cryptio.co/hubfs/LinkedIn.svg)](https://www.linkedin.com/company/cryptio) [![Twitter](https://blog.cryptio.co/hubfs/Twitter.svg)](https://twitter.com/cryptio_co) ![soc-logo](https://blog.cryptio.co/hs-fs/hubfs/Imported%20images/soc-logo.png?width=38&name=soc-logo.png "soc-logo") ### Product - [Use cases](https://cryptio.co) - [Solutions](https://cryptio.co) - [Pricing](https://cryptio.co/pricing) - [Integrations](https://cryptio.co/integrations) ### Support - [Contact us](https://cryptio.co/contact) - [Help center](https://support.cryptio.co/hc/en-gb) ### Company - [Partners](https://cryptio.co/partners) - [Blog](https://blog.cryptio.co/) ### Legal - [Terms & Conditions](https://cryptio.co/terms) - [Privacy policy](https://cryptio.co/privacy) ### Don’t miss an update Sign up for our newsletter for the latest Cryptio news & insights All Rights Reserved - Inquiries: [security@cryptio.co](mailto:security@cryptio.co) ```json { "@context" : "https://schema.org", "@type" : "VideoObject", "caption" : { "@type" : "MediaObject", "contentUrl" : "https://blog.cryptio.co/media-transcripts/182156270096/en.vtt", "inLanguage" : "en", "name" : "en Captions" }, "contentUrl" : "https://20275766.fs1.hubspotusercontent-na1.net/hubfs/20275766/Crypto%20Finance%20Forum%202024%20-%20recordings/04-Fireside%20with%20Circle%20CFO_%20Setting%20the%20standard%20for%20regulated%20stablecoins.mp4", "dateModified" : "2025-11-27T15:32:20.300Z", "duration" : "PT37M52.512S", "height" : 1080, "name" : "04-Fireside with Circle CFO_ Setting the standard for regulated stablecoins", "thumbnailUrl" : "https://20275766.fs1.hubspotusercontent-na1.net/hubfs/20275766/Crypto%20Finance%20Forum%202024%20-%20recordings/04-Fireside%20with%20Circle%20CFO_%20Setting%20the%20standard%20for%20regulated%20stablecoins.mp4/medium.jpg", "uploadDate" : "2024-10-30T17:19:52.038Z", "width" : 1920 } ```