Stablecoins and Tokenization: Tom Lee Warns Banks of the Risk of Lagging Behind

The future is coming soon. The co-founder of Fundstrat and president of BitMine estimates that about 99% of financial activity still relies on traditional infrastructures. In an interview reported on October 25, he warns that this dominance may lead banks to underestimate the speed of adoption of stablecoins and tokenized assets. His message: institutions without a crypto strategy risk falling behind.

Key Points

• Tom Lee believes that the dominance of traditional systems masks the transformative potential of finance.
• Banks without crypto services or strategies could lose ground to their competitors.
• JPMorgan and SWIFT are already developing infrastructures using blockchain.
• However, these initiatives do not prove that a rapid migration of all financial activities is guaranteed.

Tom Lee Urges Banks to Look Beyond the "Old Rails"

Tom Lee's reasoning is based on a common bias: to assume that recent conditions will continue. Since most payments, securities, and their custody still go through traditional channels, crypto services may seem persistently secondary.

According to him, this view overlooks the possibility of acceleration. A bank that waits for massive adoption before developing its capabilities may struggle to keep up with competitors that are already equipped. The activities in question go beyond just buying cryptocurrencies: they include payments in stablecoins, custody of digital assets, and securities represented on a blockchain.

The figure of 99% remains an estimate put forward by Mr. Lee. The available reports do not specify the scope of his calculations. Payments, outstanding securities, and trading volumes are indeed different measures, difficult to consolidate into a single indicator.

The appeal of new infrastructures lies notably in their continuous availability and the possibility of automating certain operations. However, a rapid transfer to a blockchain does not eliminate all constraints. Conversions to fiat currency, compliance checks, and access to funds also depend on intermediaries.

Thus, the question is not simply about replacing an old technology. Banks must integrate these services with their security obligations, risk management, and customer protection. Tom Lee warns banks that underestimate the impact of blockchain on finance -- Source: Compte X JDC

JPMorgan and SWIFT are Already Adapting Their Infrastructures

At JPMorgan, this adaptation takes the form of JPM Coin, symbolized as JPMD. After an experiment launched in June 2025, the bank opened this deposit token to its institutional clients on Base in November of the same year.

It represents a bank deposit in digital form and allows for almost instantaneous transfers, available continuously. It thus differs from a classic stablecoin: its holder has a claim on the issuing bank.

SWIFT takes a different approach. In September 2025, the network announced a shared ledger project with Consensys and more than thirty financial institutions, aimed particularly at international payments available 24/7. The goal combines modernization of existing infrastructures with the development of new services.

These examples show that traditional players can integrate blockchain without abandoning their role as intermediaries. Competition then focuses on the services offered, their cost, and their accessibility.

Tom Lee also advocates for this transformation as president of BitMine, a company whose strategy is based on accumulating ETH. His analysis is thus rooted in a strong investment conviction. Banking projects give substance to this thesis, but their existence does not set either the pace of adoption or the final place of different networks.

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