Bain: Bank Consumer Funds Business Share Expected to Drop to 69% by 2030

Management consulting firm Bain has released a report indicating that traditional bank accounts are facing challenges from stablecoins and other digital wallets. It is expected that banks' revenue share in consumer funds business will decrease from the current 80% to 69% by 2030. This share was as high as 95% in the early 21st century. Industry experts have differing opinions on whether stablecoin wallets can replace bank accounts. Adrian Cachinero, co-founder of Steakhouse Financial, believes that bank accounts are facing existential threats; Ryne Saxe, CEO of Eco, states that stablecoins are a superior form of currency, and banks and fintech companies must build products based on them; Marcin Kazmierczak, co-founder of RedStone, points out that wallets may first capture market share in the payment sector, as the average cost of bank remittances is 14.99%, while stablecoin transactions can settle in seconds at a cost of less than 1%. There are also views suggesting that the two will merge. Ran Goldi, an executive at Fireblocks, predicts that banks will issue tokenized deposits that are interoperable with stablecoins; Jody Mettler, an executive at BitGo, states that banks still provide custodial and compliance functions that wallets cannot replace, and bank accounts will not disappear but will continue in the form of code.

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