STP is the latest in a long line of products that seeks to revolutionize several industries by making it possible to “tokenize any asset.” And why not? An easily readable asset portfolio will look better to a bank than all kinds of random documents. If everything enters the blockchain, certain things will become more convenient.
Further, banks will compete harder than ever before to retain business. It will be a study in blockchain science to see what happens with the Marshall Islands, for example, with regard to the banking infrastructure.
People will see far less need for bank accounts. Banks, therefore, will need to work harder to attract business.