The following is a guest post and opinion from Patrick Heusser, Head of Lending & TradFi at Sentora.
Capital is undergoing a structural reallocation. What once sat securely in fractional-reserve bank accounts is now increasingly flowing into fully funded, blockchain-based financial systems. From stablecoins like USDC and USDT to tokenized T-bills, institutional and retail capital is chasing programmability, global interoperability, and perceived safety. This is not a simple migration of money; it is a replatforming of financial infrastructure. In this deep dive, we examine the risks, mechanics, and strategic responses to this shift—and ask whether a hybrid system can emerge before systemic cracks appear.
Two Worlds, One Capital Base
The Fractional-Reserve Fiat Model
In traditional banking, commercial banks operate on fractional reserves. Deposits are only partially backed, and banks create money through lending. This model offers high capital efficiency and elasticity; banks can
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