Google is not a “bank” — but it doesn’t need to be
Google operates deep in merchant payments, payouts, and onboarding frameworks via Google Pay/Payments, which is infrastructure.
Amazon and Microsoft dominate the “pipes” finance runs on
US policy research has highlighted how Amazon, Microsoft, and Google account for a massive share of cloud services used by financial institutions.
And in late 2025, EU regulators designated Amazon Web Services, Google Cloud, and Microsoft among the “critical” tech providers under DORA — basically acknowledging:
If these platforms go down, finance goes down.
So yes — the future of banking is being written by tech companies, even if the logo on the door still says “Bank.”
So Why Does Pakistan’s Stablecoin MoU Matter?
Because stablecoins are the bridge between:
-
“traditional banking we don’t trust”
and -
“tech-led money rails we can’t avoid”
Pakistan is a dollar economy even when dollars are scarce. Imports, trade settlement, even price expectations — everything breathes USD.
This is why stablecoin pilots tempt emerging markets:
1) Remittances: the biggest obvious use case
Pakistan relies on diaspora inflows heavily. Cross-border rails are expensive, slow, and fee-hungry.
Stablecoins promise faster settlement, lower leakage — if regulated.
