Global banking giant HSBC is doubling down on tokenized deposits and stablecoins as banks worldwide race to keep pace in the stablecoin competition.
According to a Bloomberg report on Tuesday, HSBC Holdings will begin offering tokenized deposit services to its corporate clients in the United States and the United Arab Emirates in the first half of 2026.
HSBC's Global Payments Solutions Head Manish Kohli stated that HSBC's Tokenized Deposit Service (TDS) allows clients to complete domestic and international remittances in seconds, 24/7.
"Tokenization, stablecoins, digital currencies, and the topic of digital currencies have clearly gained significant momentum. We are making a large-scale bet in this area," Kohli said.
Tokenized deposits are digital representations of bank deposits issued by regulated banks on the blockchain, allowing for instant, round-the-clock transfers and programmable payments.
Unlike stablecoins, which are typically pegged to fiat currencies like the US dollar and backed by assets such as government debt, deposit tokens are created using the issuer's balance sheet.
While stablecoin issuers like Circle are not allowed to pay interest on users' stablecoin holdings, one of the key features of tokenized deposits is the provision of interest payments.
According to Kohli, HSBC plans to expand the use cases for tokenized deposits in programmable payments and autonomous treasury management, which involves deploying automation and artificial intelligence (AI) to independently manage cash and liquidity risks.
"We see a significant theme around treasury transformation with almost every large company we talk to," the HSBC executive stated.
The product's expansion in the US and UAE is HSBC's latest move, following its debut in Hong Kong in May, where Ant International became the first client to use the TDS solution.
Since then, the bank has expanded the product to several markets, including Singapore, the UK, and Luxembourg.
As HSBC moves forward with tokenized deposits, major banks like JPMorgan are also doubling down on this technology.
On November 12, JPMorgan launched JPM Coin, a deposit token representing the bank's dollar deposits. The company distinguishes this token from traditional stablecoins, with JPMorgan blockchain executive Naveen Mallela emphasizing that deposit tokens operate within a traditional banking framework.
While promoting tokenized deposits, HSBC has not ruled out the possibility of issuing stablecoins.
"This is something we will continue to evaluate," Kohli said, adding, "There are some things that need to happen, and that is the legal framework needs to be clearer."
Related: Mike Alfred: The US will not launch Bitcoin (BTC) reserves before other countries take action
Original article: “HSBC to Bring Tokenized Deposits to US and UAE Amid Stablecoin Race”
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