Tokenised Deposits vs Stablecoins: Why America’s Largest Banks are Building a Shared Tokenised Deposit Network

In this paper, we discuss:

• Why America’s largest banks are developing a shared tokenised deposit network instead of relying on stablecoins;
• How tokenised deposits could modernise payments while preserving banks’ deposit base and lending capacity;
• How the competition between stablecoins and tokenised deposits is reshaping the future of digital payments and financial infrastructure;
• Why the next generation of financial markets will be defined not only by digital money, but by control over the networks and standards that support it.

Download PDF: Tokenised Deposits and Stablecoins – August 2026