Explainers & Analysis: Tokenized Deposits

Three-column comparison of a stablecoin, a CBDC and a tokenized deposit: the issuer is a private company, a central bank or a commercial bank; the backing is reserve assets, no separate reserve or the bank's balance sheet; the holder's claim is on the issuer, the central bank or the bank.

Banking · Oct 11

Stablecoin vs CBDC vs Tokenized Deposit: Who Issues It and What Backs It

Three kinds of digital money, three different debtors: a private issuer, a central bank or a commercial bank.

Bank deposit and token claims shown side by side

Banking · Sep 3

Tokenized Deposits and Stablecoins: The Difference

A digital token does not tell you who owes the money. Start with the claim behind it.