JPMorgan, Citi and TCH: Tokenized Deposits ON Chain

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Builds on: 101 Update: CBDCs, Stablecoins and Tokenized Deposits | Stablecoins: A New Model of Trust | Stablecoin Scenarios

The WSJ reported yesterday that JPMorgan, Citigroup, and TCH (a consortium of the largest US banks) are planning a shared tokenized deposit system. For anyone who has been following this space, this is not a surprise. It is a confirmation. I’ve been writing about this trajectory for years. The question was never whether banks would adopt blockchain infrastructure. The question was always how and the commercial construct that governs operation. Now we know. 

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Plaid: Impressive Numbers, Broken Economic Model

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June 2026

I’m at the UBS FIntech Conference and just listend to Plaid’s excellent CFO Seun Sodipo. Let me start with credit where it’s due. Plaid has done something genuinely difficult: it built a data aggregation business across thousands of banks, reached ~$546M ARR growing at 40% year-over-year, and recently hit adjusted EBITDA profitability. The IPO math is also improving, and the enterprise pivot (landing Carvana, Rocket Mortgage, H&R Block as customers) shows real commercial instinct.

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Is Know Your Agent (KYA) Really Necessary?

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Is “Know Your Agent” (KYA) Really Necessary? The tale of an Orphan Signal

Short Blog | June 2026

A new category of startup has emerged around “Know Your Agent” (KYA) — the idea that merchants and payment platforms need a framework to verify the identity, authority, and auditability of AI agents acting on behalf of consumers. PYMNTS has covered the space extensively, and KnowYourAgent.xyz is already pitching merchants on “identity, policy controls, and evidence for every AI-agent transaction at checkout.” The framing is intuitive: if a bot is buying something, shouldn’t you know who sent it?

I want to push back — not on the problem, but on whether KYA, as a standalone service category, is the right solution.

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Carts and Mandates: Decoupling Discovery, Authentication, and Liability 

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Executive Summary

I just got back from 2 weeks of vacation and catching up on all that transpired. No one reads this blog for its technical depth, but a few browse it for the economic implications and power struggles going on behind the scenes (hence “inside baseball”).

I/O 2026 was last week (see product announcements). The Commerce team showed how Universal Cart, Universal Commerce Protocol (UCP) and Agent Payments Protocol (AP2) would drive a frictionless revolution in digital commerce.  By consolidating products from Search, Gemini, YouTube, and Gmail into a single persistent cart, Google is attempting to establish itself as the default transaction and orchestration layer of the internet. While consumers would love to engage across any platform and any retailer from any device…. A universal cart is also necessary for operating across any agentic platform and “specialist”.  Agentic commerce is certainly gaining traction, but Walmart’s Rufas and Amazon’s Alexa also want to play in the game at the front end (so does Open AI)

Wallet expansion to universal cart is great for Google; however, it’s not great for everyone else, as platforms make for poor custodians (i.e., they are not neutral). Particularly when it comes to controlling credentials and measuring their own effectiveness.  My concerns here are shared by retailers, banks, processors and networks as this architecture conceals a profound structural conflict over control and economic value.  Google’s “own-it-all” will create a great customer experience, and allow them to move agentic from the current “conversational commerce to merchant checkout” state, but who wants to invest in a platform where they become disintermediated, or a dumb fulfillment pipe? 

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Fedwire for Fintechs – Opportunities

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I want to break down what the May 19, 2026 Executive Order on financial technology actually means for our industry. If you are looking for a basic textbook explanation of Fedwire or the National Settlement Service (NSS), you will not find it here. See my blog Settlement – Core of Banking for how the plumbing works. Today, I’m on what this EO means for Fintechs, with a discussion on the operational constraints likely to occur.

The day after the President signed the executive order, the Federal Reserve Board dropped a formal proposal to establish a special-purpose “Payment Account”. This is a streamlined, payments-only account category designed to bypass the traditional Master Account bottleneck. Under the new framework, the Fed is promising a 90-day review timeline for Tier 2 and Tier 3 non-bank applicants. 

This sounds like a massive win, but as we look at the fine print, the operational reality is a lot more complicated. Here is my breakdown of the core opportunities, the constraints, and the economic hurdles you need to consider.

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The Power to Price

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The best lever of economic margin for investors to track is power to price. In classical economics, pricing power is not merely a reflection of market share, but rather the capacity of an economic actor to minimize transaction costs while maintaining strategic control over data, risk, and user experience. Historically, eCommerce has operated under a macroeconomic paradigm where merchants absorb the operational and financial frictions of the conversion funnel, while payment networks and processors leverage their scale to price security, identity, VAS and settlement infrastructure.

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Stripe Sessions 2026: Takeaways

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It has taken two weeks, but I’m finally 20% through processing Stripe Sessions 2026 (my first). I’ll say it plainly: I was absolutely blown away by the energy, the talent, the ambition, and frankly, the sheer scale of what Stripe is building. My only real complaint? The rooms needed to be bigger. A lot bigger.

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DPCs Great Idea with a Long Way To Go

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Executive Summary

I’m fortunate to chat with a diversity of large payment network stakeholders. As most of you know, I view the challenge in payments more from a political/incentive viewpoint than a technical one. The alphabet soup of new standards is hard to keep up with, but be assured that each one has a proponent (who benefits) and a group of resistors. Innovation in a network is hard, as existing stakeholders have built assets and competitive positions based upon how things work today. Today’s blog covers DPCs. DPCs may not be the biggest threat, but they are the newest. I’m not going to attempt a deep tech dive into DPCs; my effort is focused more on the challenges faced by any new payment innovation to gain traction and scale. Network effects are hard to beat!

Why read this blog? My readers know I view identity and authentication as part of the core “bundle” of payments, and Visa/MA are the de facto identity infrastructure of the internet because they unlock the power of banks (ie KYC) within a commercial framework with active governance. Today we are breaking down the latest “threat”: Digital Payment Credentials (DPCs) within Agentic(ie Gemini, GPay). The quick summary is that DPCs are an amazing technical innovation without a commercial framework or active governance, and thus will be challenged to operate separately from established networks (just like Stablecoins). This 23 page monster blog is a breakdown of the politics and the tech.

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The CLARITY Act Is Locked — And Stablecoin Payments Just Lost Their Best Argument

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When I wrote Stablecoin Rewards’s Last Hope – The CLARITY Act in February, the Senate was deadlocked, Coinbase had just walked out of the markup, and the White House was scrambling to hold a fragile coalition together. The central question was whether the Alsobrooks Compromise — activity-based rewards in, idle yield out — could survive the banking lobby long enough to reach a floor vote.

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