Scaramucci Warns Banks: Adopt New Systems or Be Left Behind

Anthony Scaramucci, a well-known figure in the financial world, has made some striking comments about the future of banking. Speaking to a podcast, he likened traditional banks to 'cab companies' and crypto firms like Coinbase and Tether to 'Uber'.

This comparison is not just a metaphor - it highlights the disruption that new players are bringing to the industry. Scaramucci believes that these firms are building better systems that can challenge old banking models.

The stablecoin market, in particular, is at the center of this competition. Tether, the company behind USDT, has recently launched a federally regulated stablecoin called USA₮, which operates within the new federal framework set up by the GENIUS Act. Coinbase, on the other hand, earns a share of revenue generated from reserves backing USDC, including 50% of Circle's residual payment base under their partnership model.

Scaramucci's comments suggest that traditional banks are facing pressure to adapt or risk being left behind. He warned that they can either 'adopt' these new systems or try to slow their growth through government rules. The future of banking is indeed changing, and it will be interesting to see how this plays out.