Is a bank a counterparty?

Is a bank truly considered a counterparty in the realm of financial transactions? In the context of cryptocurrency and finance, a counterparty typically refers to the second party involved in a financial agreement or transaction, such as a buyer and seller in a trade. So, when we think about banks, are they merely intermediaries facilitating transactions, or do they also take on the role of a counterparty in certain situations? For instance, in derivatives trading, banks often act as counterparties, accepting risk and offering hedging opportunities. But in traditional banking services like deposits and loans, is the bank considered the counterparty, or are the individual depositors and borrowers the true counterparties? Let's delve deeper into this question and explore the nuances of the bank's role as a counterparty in various financial scenarios.