Tokenization
Tokenized Deposits: Inside the First Production-Grade Bank Pilots
Programmable commercial bank money is moving from whitepaper to settlement infrastructure.
By Dr. Helena Vance · June 5, 2025 · 11 min read
Tokenized deposits - commercial bank deposits represented on a shared ledger - are starting to move beyond consortium pilots into production. The use cases that work first are intra-day liquidity, securities settlement, and corporate cash management between subsidiaries.
The design preserves the two-tier banking system while introducing programmability and atomic settlement, addressing a gap that pure wholesale CBDC designs have struggled to fill.
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Sources & References
- Bank for International Settlements - Payments, Clearing & Settlement
- JPMorgan Chase - Payments Research
- International Monetary Fund - Fintech Notes
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