Three Big Themes from Money20/20: AI, Fraud, and Stablecoin

Money20/20 always offers a pulse check on where financial innovation is heading. This year, three themes dominated conversations—AI’s growing role in payment rails, the rapid evolution of fraud prevention, and the uncertainty and potential surrounding stablecoin. 

These topics came up in nearly every discussion I had with banks, credit unions, and fintech leaders. Together, they capture both the optimism and the unease shaping our industry today. 

1. AI and the Future of Payment Rails 

No surprise here—AI was at the center of nearly every conversation. What felt different this year was how directly it’s being connected to the future of payment infrastructure. 

The focus was on Agentic AI, where intelligent systems act on behalf of users or businesses. Imagine a small business allowing an AI agent to transact on their behalf by having access to financial data, payment methods, performance data about the business, desired purchase requirements from executive meetings, and meeting calendars to handle transactions automatically. 

That level of autonomy brings huge potential—and risk. The big question: Who can be trusted to power those agentic payment rails? Whoever can confidently say, “I’ve built secure, trusted agentic rails for payments,” will be in a strong position. 

Right now, though, no one has solved both innovation and trust. The industry is experimenting, but the infrastructure that supports safe, large-scale use of agentic AI doesn’t yet exist. Until it does, many small businesses will hesitate to grant AI agents access to sensitive data they need to make Agentic AI truly effective.

But the looming concern is around fraud, data access, and data ownership. It’s my data as a small business, but everyone else gets to treat it like it’s their data.  Meanwhile, fraud remains high, and the question— “What happens to my data once it’s shared?”—still hangs over the industry. 

2. Fraud’s Rapid Evolution 

AI and fraud are now deeply intertwined. As we move into an era of agentic AI, fraud prevention must evolve just as quickly. 

That convergence was one of the strongest themes at Money20/20. Every advancement in AI brings new ways to enhance the customer experience—but also introduces new vulnerabilities. Every hook into another system creates a weak point for fraud and since most companies partner to deliver these payment rails, there are lots of ‘hooks’. 

Financial institutions are realizing that legacy fraud systems can’t keep up with real-time, AI-driven behaviors. What’s needed now is a new generation of fraud prevention that’s just as adaptive and autonomous as the systems it protects. 

Whoever can integrate both sides of the equation—the intelligence of AI and the security of next-generation fraud prevention—will lead the next phase of digital payments. The stakes are high, and trust remains the currency that determines who succeeds. 

3. Stablecoin: Promise Meets Skepticism 

The third major theme was stablecoin—one of the most talked-about innovations in fintech and one that’s generating both excitement and trepidation. 

On the fintech side, stablecoin was a clear “shiny object.” The recent GENIUS Act has accelerated conversations among players like Bridge and Circle, who are pushing to make stablecoin transactions frictionless and widely accessible. 

But on the banking side, the tone was more cautious. Many banks and credit unions still aren’t sure how stablecoin will affect them. The skepticism isn’t about whether it can work—but about how it might reshape the financial system in ways that don’t necessarily benefit traditional institutions. 

There’s concern that stablecoin could create a landscape where certain institutions are “picked as winners,” whether by government or market forces, while others struggle to keep pace with innovation while also taking a balance sheet related to deposits. Many are asking what happens to deposits if more money moves into stablecoin ecosystems. 

Before stablecoin can be integrated equitably within the banking system and across communities, it will take time—and a lot of trust, clarity, and consistency across both regulation and technology. 

Optimism with a Dose of Uncertainty 

Despite those concerns, the overall sentiment at Money20/20 was optimistic. The event was full of energy and big ideas. 

What stood out most was that the banks and credit unions attending were highly engaged. They were there to learn, understand what’s next, and find partners who can help them innovate. They’re there for a reason — they want to understand the innovation and shop for the next big thing they need to serve account holders and that their boards need to understand in order to lead the business. 

That curiosity is exactly what’s needed right now. The industry is eager to embrace technology that makes a difference, even as uncertainty lingers. 

There’s optimism about AI’s ability to drive efficiency—but also recognition that efficiency alone isn’t the goal. As one banker told me, “If I was really concerned about efficiency, I’d already be fixing it. I want to understand how AI makes my balance sheet better.” 

That captures the moment perfectly. Innovation energy is strong, but the demand for measurable, bottom-line impact is stronger. 

Looking Ahead 

If I had to sum up Money20/20 this year, I’d say this: AI, fraud prevention, and stablecoin are converging to redefine how financial systems operate. 

But above all, it’s about trust. Every innovation we build—every agentic payment system, every new digital currency—depends on it. 

The institutions and fintechs that deliver that trust while embracing change will shape the future of financial services. And if Money20/20 is any indication, that future is coming faster than most of us think.