Four Migrations: The Path of Banking Function Unbundling
Over the past twenty years, financial power has undergone four critical migrations. The first shift moved from traditional banking licenses to user-facing platforms, represented by first-generation Neobanks. The second shift turned toward payment and settlement networks such as Visa and Wise. The third shift was driven by stablecoin-based global digital dollar systems, exemplified by USDT and USDC. The fourth and ongoing shift leads to user-controlled on-chain accounts, with MetaMask and Gnosis Pay as prominent examples.
Core Thesis: Financial Sovereignty Returns to Individuals
The article argues that banking functions are being continuously dismantled, eroding the monopoly of traditional institutions over capital. With the maturation of account abstraction, smart contracts, and decentralized identity technologies, users can bypass intermediaries and directly manage assets. Financial power is moving from institutions to individuals, offering greater autonomy and global accessibility.