# Stablecoins Changed Rails But Not Economics

> Stablecoins now control payment flow but not banking economics.
- Title: Stablecoins Changed Rails But Not Economics · Pymnts
- Summary: Stablecoins now control payment flow but not banking economics. Stablecoins are becoming payment infrastructure without capturing banking economics.
- Keywords: stablecoins, sofi, usdc, circle, binance, tokenized deposits, central banks, euro, tokenization, payment infrastructure, regulation, business
- Source: Pymnts — https://pymnts.com/cryptocurrency/2026/stablecoins-changed-rails-have-not-captured-economics
- Author: PYMNTS
- Published: 2026-09-24T21:14:53+00:00
- Read time: 1 min
- Topics: stablecoins, sofi, usdc, circle, binance, tokenized deposits, central banks, euro, tokenization, payment infrastructure, regulation, business
## Stablecoins Changed Payment Rails
Stablecoins spent years trying to prove they could move money better than banks and have succeeded.
## SoFi Migrates $25 Billion Card Program
SoFi Technologies began using its own stablecoin to settle transactions across a card program expected to process more than $25 billion annually.
## Binance Invests in Circle
Binance invested $100 million in Circle while signing a five-year agreement to expand USDC.
## Central Banks Push Regulatory Changes
The European Central Bank and the European Union’s national central banks pushed for changes to the way stablecoin reserves interact with commercial banks.
## Canada’s Banks Explore Tokenized Deposits
Canada’s six largest banks announced plans to explore their own tokenized deposit network.
## Stablecoins as Payment Middleware
Stablecoins can become internal settlement technology beneath cards, bank accounts and payment interfaces.
## Tokenized Deposits Preserve Banking Economics
Tokenized deposits represent regulated bank deposits held on blockchain infrastructure without changing the economic relationship.
## Key takeaway

Stablecoins are becoming payment infrastructure without capturing banking economics.