Over the past two decades, financial power has undergone four key shifts: from traditional bank licenses to user-facing platforms (first-generation Neobanks), then to payment and clearing networks (Visa, Wise), followed by stablecoin-driven global digital dollar systems (USDT, USDC), and finally to user-controlled on-chain accounts (MetaMask, Gnosis Pay). The core thesis is that banking functions are being unbundled, and financial sovereignty is returning from institutions to individuals.
Over the past 20 years, financial power has moved through four distinct phases. It started with the shift from traditional banking licenses to user-facing platforms, exemplified by early Neobanks. Next, it moved to payment and clearing networks such as Visa and Wise. The third phase saw the rise of stablecoin-driven global digital dollar systems, led by USDT and USDC. The current and final phase is the move to user-controlled on-chain accounts, represented by MetaMask and Gnosis Pay. The central argument is that banking functions are being continuously unbundled, and financial sovereignty is returning from institutions to individuals.
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