The Four Migrations: A Path of Financial Power Evolution
Over the past two decades, financial power has undergone four distinct migrations. First, banking licenses ceased to be absolute barriers as early Neobanks (e.g., Revolut, N26) challenged incumbents by owning the user frontend. Second, payment and clearing networks (Visa, Wise) rose to replace banks in cross-border transfer intermediation. Third, stablecoins (USDT, USDC) built a global digital dollar system, moving capital flows outside traditional bank rails. Fourth, on-chain accounts (MetaMask, Gnosis Pay) give users direct asset custody, progressively unbundling bank functions.
Core Thesis: Financial Sovereignty Returns to the Individual
The central argument is that core banking functions are being dismantled and redistributed among non-bank entities—from deposits to payments, from currency exchange to settlement. Each migration weakens the intermediary role of banks, ultimately placing financial control back in the hands of users. This is not merely a technological evolution but a fundamental restructuring of power.