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Consultation on the Eurosystem's Appia Project (ECB)
Consultation on the Eurosystem's Appia Project (ECB)
The European Central Bank (ECB) published an update to its Appia project aimed at enabling the settlement of distributed ledger technology (DLT) transactions using central bank money (CeBM). Appia is the longer-term initiative to provide tokenized CeBM for DLT-based wholesale markets via a unified settlement ecosystem. The update concerns the launching a formal consultation inviting market and public authorities to comment on Appia’s proposed DLT‑based wholesale ecosystem design and six‑block workplan via a structured questionnaire due 22 April 2026. Feedback will shape standards, governance choices, cross‑border linkages, and prioritization of analytical and practical work toward a 2028 blueprint. [ECB]
#ECB#Eurozone#Tokenization#DLT#CBDC#SettlementSystems#wCBDC#DFC
·ecb.europa.eu·
Consultation on the Eurosystem's Appia Project (ECB)
ECB Workshop on Pontes Platform Decentralized Programmability (ECB)
ECB Workshop on Pontes Platform Decentralized Programmability (ECB)
The European Central Bank (ECB) published an update to its Pontes aimed at enabling the settlement of distributed ledger technology (DLT) transactions using central bank money (CeBM). Pontes is the near-term DLT-based interoperability solution linking DLT platforms with TARGET Services so DLT transactions settle in CeBM, using API-based trigger and hash-link mechanisms and dedicated DLT cash wallets funded from TARGET accounts. The update focused on market-developed smart contracts deployed by national central banks on the Eurosystem DLT ("decentralized programmability") that would enable cash-locking for delivery-versus-payment, programmable payments, microtransactions, DLT interoperability, and automated corporate actions. [ECB]
#Fintech#CBDC#ECB#Eurozone#Tokenization#DLT#SettlementSystems#wCBDC#DFC
·ecb.europa.eu·
ECB Workshop on Pontes Platform Decentralized Programmability (ECB)
SEC Approves Nasdaq’s Securities Tokenization Plan (SEC)
SEC Approves Nasdaq’s Securities Tokenization Plan (SEC)

The U.S. Securities and Exchange Commission (SEC) approved a Nasdaq rule change allowing certain listed securities to clear and settle in tokenized form via a Depository Trust Company (DTC) tokenization pilot. The order authorizes trading tokenized versions of large-cap equities and major index exchange-traded funds (ETFs) on the same order book, with identical CUSIP, symbol, rights, and execution priority as traditional shares, with tokenization preferences expressed through an order flag and implemented post‑trade by DTC. This embeds distributed-ledger-based entitlements within existing exchange, clearing, and surveillance infrastructures, preserves T+1 settlement, and treats tokenized and traditional shares identically for fees, market data, and audit trail. The SEC frames the decision as technology‑neutral, while leaving broader questions about alternative tokenization models, issuer choice, and future non‑fungible tokenized instruments to subsequent rulemakings. [SEC]

#Regulation#Fintech#DFC#Tokenization#UnitedStates
·sec.gov·
SEC Approves Nasdaq’s Securities Tokenization Plan (SEC)
Appia Roadmap for European Tokenized Finance (ECB)
Appia Roadmap for European Tokenized Finance (ECB)
The European Central Bank (ECB) published the Appia roadmap, a strategic workplan to design a tokenized wholesale financial ecosystem in Europe in which central bank money remains the settlement anchor. It will complement its Pontes distributed ledger technology (DLT) settlement solution due to launch in late 2026. Appia will, through structured engagement with market participants and public bodies, generate by 2028 a blueprint for tokenized market infrastructures, including choices between shared versus interconnected DLT networks and associated governance and standard-setting. It seeks to preserve effective monetary policy transmission, safeguard financial stability and payment system functioning, and reduce market fragmentation while enabling smart-contract based innovation in securities and payments. It also has a strategic autonomy dimension, aiming to keep euro-denominated financial market infrastructures competitive and interoperable in a tokenized world. The key open questions concern optimal network configuration, European governance arrangements and how far private infrastructures should rely on central bank money in tokenized form. [ECB]
#Tokenization#DLT#wCBDC#Fintech#DFC#Europe#ECB
·ecb.europa.eu·
Appia Roadmap for European Tokenized Finance (ECB)
BNP Paribas Uses Public Blockchain for Money Market Fund (Markets Media)
BNP Paribas Uses Public Blockchain for Money Market Fund (Markets Media)
BNP Paribas Asset Management has issued a tokenized share class of an existing French‑domiciled money market fund on the public Ethereum blockchain using its AssetFoundry platform, but with a permissioned model that restricts holdings and transfers to authorized participants to remain within regulatory requirements. This follows an earlier tokenized money market fund in Luxembourg on a private blockchain and is structured as a one‑off intra‑group pilot in which BNP Paribas Asset Management acts as issuer, Securities Services as transfer agent and wallet/key operator, and AssetFoundry as the tokenization and connectivity layer, allowing the group to test end‑to‑end issuance, transfer agency and public‑chain connectivity while maintaining governance, investor protection and operational robustness. [MarketsMedia]
#Fintech#CryptoAssets#Tokenization#Blockchain
·marketsmedia.com·
BNP Paribas Uses Public Blockchain for Money Market Fund (Markets Media)
The Case for Collateral Tokenization (ValueExchange)
The Case for Collateral Tokenization (ValueExchange)
The ValueExchange published a report that examines the case for collateral tokenization in capital markets, based on a Q3 2025 survey of 203 market participants across global regions. The findings reveal that firms currently manage an average of USD 74 billion in collateral, with 25% being either excess or non-remunerated overnight—costing approximately USD 2.82 billion per firm annually in lost treasury income. Key challenges include operational complexity across up to 65 locations, settlement delivery issues affecting 69% of respondents, and operational costs comprising up to 57% of transaction costs. The report shows strong optimism for tokenisation, with 94% of firms believing it will increase collateral mobility, 80% of North American firms expecting major impact, and 52% planning to go live by end-2026. Expected benefits include a 13.4% reduction in failed trades, over USD 340 million in immediate savings for tier-one firms, and significant improvements in settlement certainty through instant DVP capabilities. However, progress is hindered by regulatory constraints and legal clarity issues affecting over 50% of firms, though 69% expect these challenges to be resolved within 2-3 years. [ValueExchange]
#Fintech#Tokenization#Collateral#DFC
·media.licdn.com·
The Case for Collateral Tokenization (ValueExchange)
Programming Money Without Programmable Money (FRBNY)
Programming Money Without Programmable Money (FRBNY)
The Federal Reserve Bank of New York published a staff report that examines the distinction between "programmable money" and "programmable payments" in the context of central bank digital currency (CBDC) and tokenized money systems. The authors propose a two-layer framework consisting of an "asset layer" (a ledger recording ownership of plain-vanilla money) and a "program layer" (instructions for conditional transfers), which issues "certificates" that can be classified by two properties: transferability (whether ownership can be transferred) and convertibility (whether the certificate releases basic money when conditions are met). Pure programmable money is defined as transferable but non-convertible certificates that could circulate perpetually without releasing basic money, while pure programmable payments are non-transferable but convertible certificates (like direct debit arrangements). However, programmable money would likely not satisfy the "no questions asked" (NQA) property needed for good money and therefore wouldn't circulate widely as money. [FRBNY]
#Tokenization#Fintech#DFC#Programmability#Money#CBDC
·newyorkfed.org·
Programming Money Without Programmable Money (FRBNY)
U.S. SEC Statement on Regulatory Treatment of Tokenized Securities (SEC)
U.S. SEC Statement on Regulatory Treatment of Tokenized Securities (SEC)
The U.S. Securities and Exchange Commission (SEC) clarified how federal securities laws apply to distributed ledger technology (DLT) based tokenized securities. It outlines two main categories: issuer-sponsored tokenized securities, where companies directly issue securities in tokenized format (with ownership records maintained on-chain, off-chain, or both), and third-party tokenized securities, where unaffiliated parties create tokenized versions through custodial arrangements (like tokenized security entitlements) or synthetic instruments (like linked securities or security-based swaps). The statement emphasizes that the format or recordkeeping method doesn't change how securities laws apply—tokenized securities face the same registration, reporting, and regulatory requirements as traditional securities. It also addresses specific considerations for security-based swaps, including restrictions on sales to non-eligible contract participants, and provides guidance on distinguishing between different types of tokenized instruments based on their economic reality rather than their labels. [Source: U.S. SEC]
#Tokenization#Regulation#CryptoAssets#DLT#Blockchain#UnitedStates#Fintech
·sec.gov·
U.S. SEC Statement on Regulatory Treatment of Tokenized Securities (SEC)
ECB Paves Way for Acceptance of DLT-Based Assets as Eligible Eurosystem Collateral (ECB)
ECB Paves Way for Acceptance of DLT-Based Assets as Eligible Eurosystem Collateral (ECB)
The European Central Bank (ECB) announced that it will accept marketable assets issued using distributed ledger technology (DLT) as eligible collateral for Eurosystem credit operations starting March 30, 2026. These DLT-based assets must meet standard Eurosystem collateral eligibility criteria and be available for settlement in systems compliant with the Central Securities Depository Regulation (CSDR) and reachable via TARGET2-Securities (T2S). The Eurosystem is also launching a work plan to explore whether DLT-native assets not represented in traditional securities settlement systems could become eligible collateral in the future, taking a staggered approach that considers market developments and evolving regulations like the DLT Pilot Regime and Markets in Crypto-Assets Regulation (MiCAR). This initiative reflects the ECB's commitment to supporting innovation and technological progress in financial markets while maintaining safety and efficiency standards. [Source: ECB]
#DLT#ECB#Eurozone#Fintech#Tokenization#Collateral
·ecb.europa.eu·
ECB Paves Way for Acceptance of DLT-Based Assets as Eligible Eurosystem Collateral (ECB)
When Monetary Innovation Makes Money Obsolete (OMFIF)
When Monetary Innovation Makes Money Obsolete (OMFIF)
The Official Monetary and Financial Institutions Forum (OMFIF) published an article by Ousmène Mandeng that argues that tokenization and instant financial transactions could make traditional money holdings obsolete. The author explains that money's value stems from transaction frictions—the delays and costs of converting assets into purchasing power. As tokenization enables near-instantaneous, frictionless conversion between interest-bearing securities and money, people would no longer need to hold money balances in advance of payments. Instead, they would convert assets to money just-in-time for transactions and immediately back again, causing money holdings to shrink toward zero while money velocity becomes unbounded. This would fundamentally reshape banking, blurring the lines between banks and investment funds, as money transitions from being a store of value to merely a transient settlement instrument within transaction flows. [Source: OMFIF]
#OMFIF#Fintech#Tokenization#DFC#Stablecoins
·omfif.org·
When Monetary Innovation Makes Money Obsolete (OMFIF)
SG-FORGE and SWIFT Move Forward in Digital Asset Interoperability (SG-Forge)
SG-FORGE and SWIFT Move Forward in Digital Asset Interoperability (SG-Forge)
Societe Generale-FORGE (SG-FORGE) and SWIFT completed a trial involving the exchange and settlement of tokenized bonds using both fiat and digital currencies. The EUR CoinVertible, a stablecoin issued by SG-FORGE that is compliant with European Markets in Crypto-Assets (MiCA) regulations, was integrated with SWIFT's interoperability capabilities to connect blockchain platforms with traditional payment systems. The initiative demonstrated several market operations including issuance, delivery-versus-payment settlement, coupon payments, and redemption. SG-FORGE provided its open-source Compliance Architecture for Security Tokens (CAST) framework and the EUR CoinVertible stablecoin, which became the first on-chain settlement asset natively compatible with SWIFT's infrastructure. The trial, conducted with participating banks, showed that tokenized bonds can utilize existing payment systems while incorporating ISO 20022 standards. [Source: SG-FORGE]
#SWIFT#Interoperability#DigitalAssets#Fintech#Stablecoins#CryptoAssets#DFC
·sgforge.com·
SG-FORGE and SWIFT Move Forward in Digital Asset Interoperability (SG-Forge)
Interoperability Standards for Digital Assets (MIT/SODA)
Interoperability Standards for Digital Assets (MIT/SODA)
The Massachusetts Institute of Technology (MIT) and the Standards Organization for Digital Assets (SODA) published a white paper that addresses the need for global standards to enable tokenized real-world assets to move seamlessly across different blockchain networks and traditional financial systems. The White Paper describes the need to create neutral, open standards through three workstreams: a data model defining asset information, common digital functions for smart contracts, and legal/governance frameworks ensuring regulatory compliance. The paper draws parallels to historical standardization successes like the internet's TCP/IP protocol and shipping containers, arguing that without interoperability standards, tokenization will only deliver isolated efficiencies rather than transforming global finance. Contributors from major institutions including Chainlink, Fireblocks, Wormhole, and others emphasize that true scalability requires standardized approaches to cross-chain transfers, identity verification, compliance, and connectivity with existing financial infrastructure, ultimately enabling the tokenized asset market by 2030 to reach its full potential. [Source: SODA]
#SODA#Fintech#DFC#Tokenization#Interoperability
·soda-services.com·
Interoperability Standards for Digital Assets (MIT/SODA)
Lloyds and Archax Complete UK’s First Public Blockchain Transaction Using Tokenised Deposits (Lloyds)
Lloyds and Archax Complete UK’s First Public Blockchain Transaction Using Tokenised Deposits (Lloyds)
Lloyds Banking Group has completed the United Kingdom's first public blockchain transaction using tokenized deposits. The transaction involved Lloyds issuing tokenised deposits on the Canton Network (a public blockchain for regulated financial markets) to purchase a tokenised Gilt from Archax, demonstrating how traditional banking can integrate with blockchain technology. Lloyds believes that this innovation offers businesses key benefits including instant settlement, the ability to earn interest while maintaining regulatory protections, access to wider securities trading, automated smart contracts, and enhanced transparency—all while preserving the security of traditional deposits under the Financial Services Compensation Scheme. [Source: Lloyds]
#Tokenization#Blockchain#DepositTokens#UnitedKingdom#Fintech#DFC
·lloydsbankinggroup.com·
Lloyds and Archax Complete UK’s First Public Blockchain Transaction Using Tokenised Deposits (Lloyds)
Tokenization Is a Renaissance of Ownership (Ledger Insights)
Tokenization Is a Renaissance of Ownership (Ledger Insights)
Ledger Insights published an opinion piece that argues that tokenization represents a return to direct asset ownership similar to 17th-century bearer instruments, rather than a futuristic innovation. The author, CEO of tokenization startup Libeara, contends that traditional financial institutions misunderstand the market—over 80% of their $1 billion in tokenized assets went to crypto-native buyers seeking sovereignty and direct ownership, not traditional investors looking for efficiency gains. The key insight is that the real opportunity lies in bringing regulated financial products (like Treasury bills) to existing on-chain capital seeking yield, rather than trying to convince traditional investors to adopt blockchain technology—essentially building the bridge in the opposite direction from current institutional strategies. [Source: Ledger Insisghts]
#Tokenization#Fintech
·ledgerinsights.com·
Tokenization Is a Renaissance of Ownership (Ledger Insights)
Operationalizing Tokenized Funds (MAS)
Operationalizing Tokenized Funds (MAS)
The Monetary Authority of Singapore (MAS) published areport by the Guardian Asset and Wealth Management Industry Group that provides a comprehensive playbook for operationalizing tokenized funds, particularly tokenized money market funds (tMMFs). It covers critical legal structures and regulatory considerations across different tokenization models (Digital Mirror, Digital Twin, and Digital Native), examines settlement assets including stablecoins and tokenized deposits, and presents real-world use cases from major institutions like Franklin Templeton, Phillip Securities, Fidelity, Citi, Swift, and Deutsche Bank. The report addresses key challenges including cross-chain interoperability, settlement finality, compliance requirements, and operational risks, while identifying essential enablers for scalable adoption such as streamlined onboarding, robust risk controls, technical standards, and improved user experience. It concludes that the foundational elements for successful tokenization—robust legal frameworks, proven technology solutions, and clear operational models—are now practical realities rather than theoretical constructs, with the main question being how quickly market participants can adapt to capture the benefits of this transformative technology. [Source: MAS]
#Fintech#Tokenization#MMFs
·mas.gov.sg·
Operationalizing Tokenized Funds (MAS)
How Can Repurchase Agreements be Settled on a Distributed Ledger? (SNB)
How Can Repurchase Agreements be Settled on a Distributed Ledger? (SNB)
The Swiss National Bank (SNB) conducted test transactions using repurchase agreements (repos) settled on distributed ledger technology (DLT) as part of the Helvetia pilot project. These "digital repos" involved tokenised assets and wholesale central bank digital currency settled on the SIX Digital Exchange (SDX) platform, while maintaining traditional trading and administration processes through the existing Swiss Money Market Value Chain. The tests demonstrated that DLT-based repo settlement is technically feasible and offers advantages like atomic settlement (simultaneous transfer of cash and assets), but revealed significant challenges including potential market fragmentation from participants' varying preferences for settlement methods, the need for enhanced cross-platform collateral management capabilities, and requirements for harmonized communication standards across different systems. While the pilot provided valuable insights into integrating DLT infrastructure with existing monetary policy operations, the SNB emphasized these tests don't indicate plans to actually implement such systems, as DLT-based markets remain niche for now.
#Fintech#Tokenization#Repo#DLT
·snb.ch·
How Can Repurchase Agreements be Settled on a Distributed Ledger? (SNB)
Project Meridian Securities: Summary of Findings (BOE)
Project Meridian Securities: Summary of Findings (BOE)
The Bank of England (BOE) published a summary of the findings of the Project Meridian Securities experiment that explored how synchronization can bridge traditional real-time gross settlement (RTGS) systems with tokenized securities platforms using distributed ledger technology (DLT). The project successfully demonstrated that synchronization enables atomic settlement in central bank money for tokenized securities transactions, allowing programmable features like automated repos and cross-platform liquidity management without requiring full infrastructure replacement. Key findings show that smart contracts can automate settlement workflows while maintaining the trust and safety of central bank money, supporting improved liquidity management and interoperability across diverse platforms. The experiments revealed that synchronization can extend programmability to traditional infrastructures cost-effectively, though questions remain about optimal architecture, scalability, and whether independent synchronization operators are needed in multi-platform environments. [Source: BOE]
#DLT#RTGS#Settlement#Tokenization#Fintech#UnitedKingdom
·bankofengland.co.uk·
Project Meridian Securities: Summary of Findings (BOE)
CFTC Tokenized Collateral Guidance (CFTC)
CFTC Tokenized Collateral Guidance (CFTC)
[December 8, 2025] The U.S. Commodity Futures Trading Commission (CFTC) issued staff guidance that establishes the regulatory framework for using tokenized assets as collateral in futures and swaps markets. The guidance defines tokenized assets as blockchain-recorded digital representations of traditional securities (Treasuries, corporate bonds, money market fund shares, equities) and addresses five regulatory areas: (1) eligible assets must meet existing liquidity, maturity, and credit-quality standards applicable to their underlying forms; (2) legal enforceability requires compliance with existing frameworks governing netting, collateral interests, and settlement finality; (3) segregation and custody arrangements must satisfy current requirements for futures commission merchants (FCMs), derivatives clearing organizations (DCOs), and swap entities; (4) haircuts should apply the same risk-based methodology used for underlying assets, adjusted for any settlement-time or liquidity differences; and (5) operational risk management must address technology-specific concerns including cybersecurity and network threats. The document emphasizes that tokenization does not fundamentally alter an asset's characteristics for regulatory purposes, though each implementation requires individual analysis, and notes that the guidance may be updated as the GENIUS Act implementation and other regulatory developments progress. [Source: CFTC]
#Fintech#Regulation#Tokenization#UnitedStates
·cftc.gov·
CFTC Tokenized Collateral Guidance (CFTC)
South Korean Government to Test Tokenized Deposits on Disbursements (MOEF)
South Korean Government to Test Tokenized Deposits on Disbursements (MOEF)
South Korea’s Ministry of Economy and Finance (MOEF) will run a regulatory sandbox pilot in Sejong City to use distributed ledger technology (DLT) based tokenized bank deposits for day‑to‑day government operational spending, testing preset time, amount, and category controls on expenses to improve oversight and reduce misuse, with legal and regulatory changes and nationwide rollout targeted from Q4 2026 as part of a broader plan to digitize around a quarter of treasury disbursements by 2030, building on an earlier tokenized‑deposit subsidy pilot for EV charging infrastructure. https://cointelegraph.com/news/south-korea-pilot-tokenized-deposits-government-spending [MOEF]
#DepositTokens#Korea#DLT#Fintech#DFC
·mofe.go.kr·
South Korean Government to Test Tokenized Deposits on Disbursements (MOEF)
South Korea to Test Distributing Government Subsidies in New CBDC Test Phase (Decenter)
South Korea to Test Distributing Government Subsidies in New CBDC Test Phase (Decenter)
The South Korean press is reporting that the Bank of Korea (BoK) is preparing to launch a new phase of its "Project Hangang River" wholesale central bank digital currency (CBDC) project, focusing on distributing government subsidies. A first three-month proof-of-concept phase with commercial banks, during which central bank authorities made it clear that it was actually testing tokenized deposits, reportedly ended in June 2025. Unfortunately the central bank itself has been silent on the project so we have to rely on press reports that are often short on details, like whether the purported second test will really be about wholesale CBDC or perhaps tokenized deposits again, or a hybrid in which tokenized deposits are settled in wholesale CBDC. [Source: Decenter]
#CBDC#DepositTokens#Fintech#DFC#Korea#wCBDC
·decenter.kr·
South Korea to Test Distributing Government Subsidies in New CBDC Test Phase (Decenter)
When Money Wakes Up (Substack)
When Money Wakes Up (Substack)
Timo Totti proposes, as an alternative to stablecoins and tokenized deposits, banks equip existing bank deposits with a "sub-contract agent" software layer that acts as an intelligent intermediary between the bank's core ledger and digital transactions. Instead of moving money as a token, the agent issues cryptographically signed "verifiable claims" that prove funds are available and locked for a specific transaction (like a digitized, instant letter of credit). When a deal occurs, the buyer's bank agent, seller's agent, and other participants (like asset registries) meet in a temporary "context agent" to verify each other's claims and execute an atomic swap—simultaneously exchanging ownership and payment in an all-or-nothing operation. The money never leaves the regulated banking system or becomes a bearer instrument; instead, the bank guarantees execution through binding cryptographic proofs, enabling instant, private settlement while maintaining full compliance and audit trails. [Source: Substack]
#Fintech#DFC#DepositTokens#Stablecoins
·timohotti.substack.com·
When Money Wakes Up (Substack)
HKMA Announces New Phase of Project Ensemble
HKMA Announces New Phase of Project Ensemble
The Hong Kong Monetary Authority (HKMA) has launched EnsembleTX, marking the new phase of Project Ensemble to enable real-value transactions in tokenized deposits and digital assets within a controlled pilot environment. Building on successful sandbox experiments since August 2024, this phase allows industry participants to settle digital asset transactions using tokenized deposits, initially focusing on transactions such as money market funds and real-time liquidity management. The project, running throughout 2026, will initially use the HKD RTGS system for interbank settlement and aims to facilitate 24/7 settlement in tokenized central bank money (CeBM), further developing Hong Kong’s tokenization ecosystem. HKMA and the Securities and Futures Commission will continue collaborating to advance practical applications of tokenization. [Source: HKMA]
#DepositTokens#Tokenization#DLT#Blockchain#wCBDC#Fintech#DFC
·hkma.gov.hk·
HKMA Announces New Phase of Project Ensemble
JPMorgan and DBS Bank Team Up on Cross-Border Tokenised Deposit Framework (CoinDesk)
JPMorgan and DBS Bank Team Up on Cross-Border Tokenised Deposit Framework (CoinDesk)
JPMorgan and Singapore’s DBS Bank are collaborating to develop a cross-border tokenized deposit framework that will connect their respective blockchain payment systems, allowing institutional clients to transfer tokenized deposits in real time between both public and private blockchains. This initiative links DBS Token Services with JPMorgan’s Kinexys Digital Payments project, enabling interoperability and 24/7 settlement between banks without relying on traditional payment rails. The move aims to set new standards for interoperability in institutional digital payments, reflecting the global trend of major banks seeking seamless, cross-system digital deposit solutions. According to BIS, about a third of banks worldwide are now exploring or launching tokenized deposit innovations, signaling accelerating adoption in this area. [Source: CoinDesk]
#JPMorgan#Blockchain#Fintech#Kinexys#CrossBorder#DepositTokens#Payments#DFC
·coindesk.com·
JPMorgan and DBS Bank Team Up on Cross-Border Tokenised Deposit Framework (CoinDesk)
Everyone Is Wrong About Tokenized Bank Deposits
Everyone Is Wrong About Tokenized Bank Deposits
Crypto consultant Omid Malekan argues that widespread optimism about tokenized bank deposits is misplaced and reflects a misunderstanding of blockchain’s disruptive potential. He contends that tokenized deposits are inferior to stablecoins in terms of economics, safety, and compliance—requiring banks to pay competitive interest, being riskier due to fractional reserves, and suffering from restrictive permissioning that reduces utility. On the supply side, challenges like deposit insurance and price discovery on-chain could exacerbate instability and bank runs, and regulatory compliance will force banks into permissioned systems that undermine the very benefits of tokenization. Malekan concludes that unless banks radically rethink their structure, tokenizing legacy bank deposits simply reproduces outdated models, missing the transformative promise of blockchain technology. [Source: Substack]
#Fintech#Tokenization#DepositTokens#Stablecoins#CryptoAssets#DFC
·malekanoms.substack.com·
Everyone Is Wrong About Tokenized Bank Deposits
Vantage Bank and Custodia Launch Tokenized Deposit Platform for U.S. Banks (Custodia)
Vantage Bank and Custodia Launch Tokenized Deposit Platform for U.S. Banks (Custodia)
Vantage Bank and Custodia have launched a platform enabling U.S. community and regional banks to offer tokenized deposits and stablecoins, integrating these digital assets directly into online banking environments. This interoperable solution allows member banks to control their own wallets for tokenized deposits and stablecoins, shifting tokens seamlessly between regulatory categories while maintaining oversight and deposit stability. Early use cases include instant cross-border payments and flexible payroll options. The initiative distinguishes itself by addressing interoperability—creating a single token usable as both a tokenized deposit and a stablecoin—and offers open access to institutions of all sizes. Custodia’s compliance credentials ensure regulatory alignment, and the system is designed to preserve deposit stability within banks, unify tokenized deposits and the Avit stablecoin under a shared smart contract framework. Only traditional and tokenized deposits are FDIC insured; stablecoins remain uninsured and subject to regulatory risks.​ [Source: Custodia Bank]
#Fintech#CryptoAssets#Stablecoins#DFC#DepositTokens#Custodia
·custodiabank.com·
Vantage Bank and Custodia Launch Tokenized Deposit Platform for U.S. Banks (Custodia)
Indian Central Bank to Launch Pilot for Deposit Tokenization (Reuters)
Indian Central Bank to Launch Pilot for Deposit Tokenization (Reuters)
The Reserve Bank of India (RBI) will reportedly launch a pilot program for deposit tokenization using wholesale central bank digital currency (CBDC) as the underlying infrastructure for this pilot. Additionally, the RBI is exploring tokenization applications in money market instruments, including commercial paper. [Source: Reuters]
#Fintech#India#CBDC#wCBDC#DepositTokens#Tokenization#DFC
·reuters.com·
Indian Central Bank to Launch Pilot for Deposit Tokenization (Reuters)
UK Finance Announces Live Tokenized Sterling Deposit Pilot (UK Finance)
UK Finance Announces Live Tokenized Sterling Deposit Pilot (UK Finance)

UK Finance is launching a collaborative industry pilot to deliver live transactions using tokenized sterling deposits (GBTD). Building on lessons from the U.K. Regulated Liability Network (RLN) project, the pilot will test three use cases—person-to-person (P2P) online marketplace payments, remortgaging, and digital asset settlement—running until mid-2026. Major banks including Barclays, HSBC, Lloyds, NatWest, Nationwide, and Santander are participating with support from Quant, EY, and Linklaters. The initiative aims to improve payment efficiency, fraud reduction, and settlement transparency, positioning the United Kingdom as a leader in programmable digital money and supporting broader government innovation goals such as the National Payments Vision. The platform will be interoperable across digital payment systems, and UK Finance will keep stakeholders updated through events and webinars. [Source: UK Finance] https://www.ukfinance.org.uk/policy-and-guidance/reports-and-publications/rln-reports-2024 https://www.bankofengland.co.uk/payment-and-settlement/the-national-payments-vision

#DepositTokens#Fintech#Tokenization#Settlement#UnitedKingdom
·ukfinance.org.uk·
UK Finance Announces Live Tokenized Sterling Deposit Pilot (UK Finance)
Deposit Token Makes Blockchain-Based Payments Fit for the Future (SBA)
Deposit Token Makes Blockchain-Based Payments Fit for the Future (SBA)
The Swiss Bankers Association (SBA), collaborating with PostFinance, Sygnum Bank, and UBS, piloted a blockchain-based deposit token enabling programmable and compliant payments across Swiss banks. The proof of concept demonstrated secure peer-to-peer and escrow-style asset transfers, with settlement executed through traditional bank infrastructure and full compliance checks. Legally, the deposit token acts as a standardized instruction, not a new form of money, ensuring regulatory alignment as no claims are transferred on-chain. Built on a shared Ethereum smart contract, the system proved technically feasible and compliant but remains dependent on off-chain banking systems and is not fully blockchain-native. The report advocates for future development toward on-chain “native” tokens, direct links with central bank or real-time gross settlement (RTGS) systems, and enhanced identity and privacy features to support a scalable and interoperable digital cash ecosystem in Switzerland. [Source: SBA]
#DepositTokens#Fintech#Switzerland#PaymentSystems#Payments#Blockchain#DFC
·swissbanking.ch·
Deposit Token Makes Blockchain-Based Payments Fit for the Future (SBA)
Japan Post Bank to Consider Handling Tokenized Deposits (JPB)
Japan Post Bank to Consider Handling Tokenized Deposits (JPB)
Japan Post Bank (JPB) is considering offering blockchain-based tokenized deposits to customers by March 31, 2026 (the end of its fiscal year), aiming to enable instant and transparent settlement of non-fungible tokens (NFTs) and securities tokens. They will be eligible for deposit insurance. They will use a platform provided by DeCurret DCP. [Source: JPB]
#Blockchain#DFC#Fintech#DepositTokens#Japan
·jp-bank.japanpost.jp·
Japan Post Bank to Consider Handling Tokenized Deposits (JPB)
Bank of Korea Plans to Use CBDC to Distribute Government Subsidies (Hankook)
Bank of Korea Plans to Use CBDC to Distribute Government Subsidies (Hankook)
The Bank of Korea reportedly plans to use wholesale central bank digital currency (CBDC) to back the distribution of over $79 billion in government subsidies in the second phase of the "Han River Project". This move, proposed by the Ministry of Strategy and Finance, is aimed at making subsidy payments more efficient and transparent by issuing CBDC-based tokenized bank deposits to contractors instead of traditional vouchers or bank transfers. By leveraging blockchain technology, the initiative seeks to reduce fraud and improve the tracking of public funds, and it marks a significant shift from a previous pause in CBDC testing.[Source: Hankook]
#CBDC#Fintech#Korea#Blockchain#DepositTokens#DFC#wCBDC
·hankookilbo.com·
Bank of Korea Plans to Use CBDC to Distribute Government Subsidies (Hankook)