Stablecoins have become one of the most important products in digital finance. Banks are now preparing their answer.
The answer is tokenized deposits — digital versions of commercial bank money that can move on blockchain-based systems while remaining inside the regulated banking sector. If stablecoins are crypto’s version of digital cash, tokenized deposits are the banking industry’s attempt to bring similar functionality to existing money.
The distinction matters. A stablecoin is usually issued by a non-bank or specialist issuer and backed by reserves such as cash, bank deposits or short-term government debt. A tokenized deposit, by contrast, represents a claim on a commercial bank deposit. It is designed to preserve the existing relationship between banks, depositors and the regulated financial system.
That difference is becoming more important as policymakers worry about the growth of stablecoins. Stablecoins can make payments faster, cheaper and more programmabl
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