RBC Capital Markets warns HSBC and Deutsche Bank could see up to 7% of group revenue erode as corporates shift cross-border payments onto stablecoin rails — a segment that accounts for more than 10% of both banks' revenue. A survey of 18 European banks found 72% flag cross-border payments as crypto's most immediate threat vector, though 83% still refuse to treat digital assets as a direct service substitute. The fee stack that legacy banks have quietly milked for decades is exactly what stablecoins eat first; the only open question is how fast corporate treasurers decide the switch is worth it.

TLDR by @Benthic