Expert call feedback: Stablecoins and agentic commerce: new rails, old frictions

研报英文原文证据摘录

Expert call feedback: Stablecoins and agentic commerce: new rails, old frictions

Deutsche Bank

Research

Europe Industry Date

Netherlands 16 July 2026

United Kingdom Expert call feedback

Industry Update

Technology

Payments & Fintech

Stablecoins and agentic commerce:

new rails, old frictions

Nooshin Nejati

The debate is shifting from “if” to “where” Research Analyst

We hosted Pete Cooling, founder of Atum Labs, a stablecoin infrastructure +49-69-910-61797

company, and former Head of Visa Crypto, for a discussion on stablecoins,

Johannes Schaller

tokenized deposits and agentic commerce. Drawing on his experience building Associate Director of Equity Research - Germany

blockchain-based payment systems for financial institutions and later leading +49-69-910-31731

Visa's crypto product work, the discussion focused on the implications for payment

Nicolas Herms

networks, PSPs, cross-border platforms, remittance players and merchants. A

Research Analyst

replay of the discussion is available here.

+49-69-910-13052

Pete's view is structurally bullish: stablecoins are becoming a new global money

Companies featured

movement layer, with tokenized deposits playing a complementary role inside the

Adyen (ADYEN.AS),EUR872.00 Buy

banking system. Our view remains more nuanced. We agree that stablecoins offer

Wise PLC (WISEa.L),GBP960.20 Hold

clear advantages in speed, programmability and 24/7 settlement, but the hard parts

of payments, including FX, liquidity, compliance, fraud, local payout infrastructure, Source: Deutsche Bank

customer trust and on/off ramps, do not disappear.

Regulation is an enabler, not the entire unlock

Regulation has clearly moved from being a blocker to being an enabler of

institutional adoption. Clearer rules allow banks, networks, fintechs and large