Stablecoin growth – opportunity or threat for banks? - ing think

ING's think piece frames stablecoin growth as a question banks must weigh rather than a settled outcome: is it an opportunity or a threat? The framing itself is the takeaway. Stablecoins — digital tokens designed to hold a steady value, typically by reference to a fiat currency — are increasingly discussed as a payments and settlement tool, and that puts them in direct conversation with the deposit and payment functions banks have long provided.

The relevance for markets lies in the competitive dynamic. If stablecoins gain ground in payments or as a store of value, banks could face pressure on deposits and fee income; conversely, banks could participate in the infrastructure, issuance, or custody side. ING's piece does not resolve which path dominates — it sets out the question and the considerations around it.

What to watch: how regulators treat stablecoin issuance and reserve backing, whether stablecoins move from trading use into everyday payments, and how banks respond — building, partnering, or competing. For observers, the key point is that stablecoin growth is best read as a structural question for banking business models, not a single event.