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Custodia Bank CEO on Stablecoins, Tokenized Deposits, and Bitcoin's Macro Story

Caitlin Long discusses stablecoins, tokenization, and the macro case for bitcoin, noting Treasury and Fed dynamics.

05/10/2026 20:585 min read

Caitlin Long, founder and chief executive of Custodia Bank, discussed whether tokenized bank deposits will overshadow stablecoins. She observed that stablecoins total roughly $300 billion compared with approximately $5.7 trillion in conventional demand deposits. The larger development, she suggested, may be embedding tokenization directly within the banking system. Long also outlined the Treasury's interest in tokenized dollars and what the Federal Reserve is doing in response.

The discussion addresses fiscal dominance, Washington's push for tokenized dollars and the Fed's position, Tether and the GENIUS Act, community banks versus megabanks, Silicon Valley Bank and AI agents, the eurodollar parallel, tokenized deposits versus stablecoins and tokenized equities, stress in the Treasury market, Bitcoin as digital gold, and Treasury buybacks drawing lessons from Paul Volcker.

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