The GENIUS Act brings regulatory clarity to stablecoins, but Conduit CEO Kirill Gertman argues that clarity alone won't guarantee success. Banks face a choice between building their own infrastructure or becoming the pipes for others.

Kirill Gertman has watched the stablecoin industry evolve from multiple angles. He spent nearly two decades in financial services before founding Conduit in 2021, including six years in crypto and a stint as VP of product at BRD, which became Coinbase Wallet. His company grew 16x in 2024 by solving a practical problem: businesses in emerging markets were accumulating stablecoins to hedge against local currency volatility but couldn't use those balances in their day-to-day operations. Conduit now works with tier-one banks and multinational corporations, processing billions in cross-border payments. And with the GENIUS Act bringing the first comprehensive regulatory framework for stablecoins in the United States, Gertman argues the legislation's passage raises as many strategic questions as it answers—particularly for banks that have been sitting on the sidelines.

Today, we'll explore why the GENIUS Act matters, the critical difference between stablecoins and deposit tokens, what strategy banks should actually pursue, and where Gertman sees the industry heading as major players race to build vertically integrated stacks.

Why every bank now needs a stablecoin strategy (whether they like it or not)

Community and regional banks operate in an environment of perpetual tension. They need to grow deposits and drive lending profitability while managing operating costs that threaten to overwhelm smaller institutions. They must also prevent increasingly sophisticated fraud while delivering customer experiences that match Amazon and Netflix. And they need to do all of this while building technology foundations that won't become obsolete before the implementation is complete.

At FIS's Emerald 2025 conference in Orlando, Peter Boyer, head of banking at FIS, and Craig Focardi, principal analyst at Celent, discussed how financial institutions are navigating these competing demands. Focardi and Boyer discuss how modernization is now a continuous process of adaptation, and that the institutions most likely to succeed will focus on enabling agility rather than chasing specific technologies.

"If you really take a step back and think about regional and community banking, there's a couple headwinds or tailwinds, that are driving how banks are thinking about the market," Boyer explained. "One is deposit growth and profitability growth through lending. Every bank right now is thinking, how do I grow? What is my sweet spot in my segment? Thing two is operating costs. How do they continue to drive a more efficient bank? AI is a big topic on that particular solution. And thing three is fraud. How do you protect the banking ecosystem? You put those three together and you've got a meaningful amount of where the energy is in the market today."


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Commercial banks are confronting a rapidly shifting landscape as private credit markets grow toward $3.5 trillion and fintech competitors accelerate their offerings with AI-powered tools. Rather than retreating, traditional institutions are doubling down on technology investments and reimagining their commercial lending strategies to compete in this new environment.

"Banks are not short-term thinkers," says Héctor Pagés, SVP and Head of Global Commercial Lending at FIS. "We're not seeing a slowdown in terms of interest or investment from our institutions, in terms of advancing and changing the ways that they're working."

The response from banks has been multifaceted, according to Pagés. Some retail-focused institutions are shifting resources toward commercial lending, while smaller commercial banks are expanding into more complex lending products. Others are adopting an "originate to distribute" model, partnering with private credit firms to spread risk while generating fee income.

This strategic evolution is happening against a backdrop of regulatory uncertainty, tariff fluctuations, and the continued expansion of non-bank lenders into territory traditionally dominated by banks.

Listen to the podcast to learn about how banks are transforming their commercial lending operations through unified technology platforms, the role of AI in automating credit decisions and underwriting processes, and why cloud infrastructure is becoming essential for global scalability. 


Banks reclaim commercial lending through technology and strategic partnerships

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