The future of money is moving from stablecoins to tokenized bank deposits, leveraging existing bank liabilities for algorithmic transfers. This offers benefits like insurance, central bank liquidity, and reduced laundering risks, unlike private blockchain alternatives. The author argues institutional credibility and arrangements, not just technology, are paramount for cross-border payments. Both Western initiatives (Agorá) and China's mBridge are competing, with distinct geopolitical aims. Ultimately, banks, rather than Big Tech, are poised to lead in shaping global money, highlighting the enduring relevance of established financial systems for efficient and secure transactions.