Agentic Bank Run

Following an announcement in 2025 that the two companies would be working together to “build the future of payments,” Coinbase (COIN) and Citi (C) this morning released what they have been working on. The partnership will let Citi’s institutional clients accept stablecoin payments, with Coinbase providing the payment rails and blockchain infrastructure while Citi settles the funds as bank of record. The partnership will also let customers hold and move stablecoins through Citi’s banking infrastructure, while Citi separately expands its own token services to Japan and the UAE. Read more →

The average bank account in the U.S. pays ~.1% interest on idle cash while with a little effort, investors can get ~4% today. The banks are betting on the fact that a large percentage of the population is either too lazy or inept to move their cash into higher yielding accounts. The banks then use this capital to make loans, capturing the spread in the process. But Chief Economist at Apollo, Torsten Slok, believes that AI agents will bring this practice to an end. With the click of a button, AI agents could cause bank runs by sweeping household cash into accounts paying higher interest rates. Read more →

California Gov. Gavin Newsom signed a law Sunday barring the state’s public officials from issuing memecoins and restricting companies from listing tokens using an official’s likeness. His office titled the announcement “the opposite of Trump,” taking direct aim at the president’s TRUMP token. Newsom also signed measures targeting crypto money laundering and clarifying restitution for scam victims. Investor protection may be the policy, but the rollout sure does just read like a political attack ad. Read more →

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