Tokenized deposits

While stablecoins are seen as a challenge to commercial bank deposits, banks are introducing their own solutions on blockchains and distributed ledgers in the form of tokenized deposits. Key benefits over stablecoins include deposit insurance and interest payments.

As of 2026, many global systemically important banks (G-SIBs) offer tokenized deposits, including JP Morgan, HSBC, BNP Paribas and Citi. However, most tokenized deposit solutions target large corporates and remain primarily focused on a single bank.

A related but distinct concept is the deposit token, designed to be native to public blockchain infrastructure rather than digital twins on permissioned ledgers. JP Morgan has been blazing a trail, launching its JPM Coin (JPMD) deposit token on Coinbase’s Base network in November 2025 for institutional clients.

What is still rare is tokenized deposit solutions that span multiple banks. In the UK there is the Regulated Liability Network inspired GBTD initiative and in Germany the CBMT project. Neither is yet in production. Meanwhile, with the advent of the US GENIUS Act for stablecoins, there is considerable movement stateside toward multi bank deposit token solutions, especially for mid size community banks.

Asia is further ahead in some respects. Cambodia’s Bakong, often mischaracterized as a CBDC, is a tokenized deposit solution that has already achieved scale. And China’s digital yuan has effectively pivoted from a CBDC to a tokenized deposit model orchestrated via the central bank.