The future of money will not be built around a single digital currency. Stablecoins, tokenised deposits and wholesale central bank money are emerging as complementary instruments, each serving different financial needs.
Europe’s largest banks are positioning themselves across all three, while fintechs, corporates, card networks and market infrastructures are developing different strategies around them.
Based on proprietary interviews with financial institutions and industry participants, The Big Whale’s latest benchmark maps who is adopting which form of money, for what purpose, and why.
The findings reveal a financial system where technology is changing faster than institutional relationships. Fintechs are challenging banks in payments and distribution, but established players retain significant advantages in trust, liquidity and infrastructure.
The report examines how tomorrow’s money stack is taking shape, the trade-offs between competing instruments, and what these developments mean for the future of banking.
