CBDCs
Wholesale CBDC vs. Tokenized Deposits: A Convergence Map
The two architectures are increasingly addressing the same use cases - and the differences that remain matter.
By Dr. Sarah Chen · July 10, 2025 · 11 min read
Wholesale CBDC and tokenized deposits started life as distinct programs serving distinct constituencies. As both have matured, the use cases - intra-day liquidity, securities settlement, cross-currency PvP - have converged.
The differences that remain are structural: who issues the liability, who bears credit risk, and where in the two-tier banking system the settlement asset sits. These differences will determine which architecture wins in which jurisdiction.
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Sources & References
- Bank for International Settlements - Payments, Clearing & Settlement
- BIS Innovation Hub - Project Agora & CBDC research
- International Monetary Fund - Fintech Notes
- JPMorgan Chase - Payments Research
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