The bank that wins will not offer customers a door to someone else’s rail and call it a strategy. It will issue deposits that are still deposits: protected, familiar to a treasury, and programmable. Corporate payments with a policy attached. Collateral that moves when the payment moves. Credentials so a verified business does not repeat onboarding at every lender. Trade finance that releases cash when the shipping, insurance and compliance conditions are met. Accounts a software agent can use, with a spend limit and a full trail. Proofs that show eligibility without broadcasting the customer’s life.
Public chains bring real problems at institutional scale: privacy, financial crime, recovery, legal finality, and the question of whose outage is whose fault. Those are reasons to design, not reasons to wait for a perfect text that will not come.