After Banks: The Four Migrations of Financial Power — From Neobanks to Self-Custodial On-Chain Accounts

A recent MarsBit analysis traces four major shifts in financial power over the last twenty years. Initially concentrated in traditional banking licenses, power moved to user-facing neobanks, then to payment and clearing networks like Visa and Wise. Subsequently, stablecoins such as USDT and USDC established a global digital dollar infrastructure, and now the frontier is self-custodial on-chain accounts exemplified by MetaMask and Gnosis Pay. The central argument is that banking functions are being progressively unbundled, and financial sovereignty is returning from institutions to individuals. This evolution suggests a fundamental restructuring of the financial landscape, where intermediaries become less essential and individuals gain direct control over assets and transactions.