From "De-Banking" to "Banking on the Chain"

Over the past decade, the narrative of digital currency has been dominated by "decentralization." Bitcoin challenges the sovereign currency system, stablecoins reshape payment logic, and decentralized finance (DeFi) once made banks appear slow and cumbersome.

However, starting in 2024, this balance seems to be reversing—banks are making a comeback. They are no longer arrogantly watching from the sidelines but are attempting to reclaim the dominance of currency digitization with "tokenized deposits" as their weapon.

Tokenized deposits are not new currencies but rather a chain-based reflection of bank deposits. Each token represents a real account balance, possessing the on-chain liquidity of stablecoins while retaining the legal validity of bank liabilities. It marks the entry of financial digitization into its "second phase": moving from the "decentralized rebellion" of the crypto world to the "institutional on-chain" of the banking system.

Singapore: A Pioneer in Institutional Cross-Chain Interoperability

Singapore's DBS Bank and J.P. Morgan's Kinexys are developing a cross-chain tokenized deposit interoperability framework, planning to enable real-time communication between J.P. Morgan's Deposit Tokens (based on Ethereum L2 Base) and DBS's licensed chain.

In the future, corporate funds may be able to settle freely 24/7 across different banks and chains without going through SWIFT or clearinghouses. This reflects Singapore's consistent regulatory logic: not resisting new technologies but institutionalizing and absorbing them. In their view, tokenized deposits are not a substitute for stablecoins but a compliant evolutionary version of stablecoins.

Hong Kong: Regulatory Ambition to Build a "Multi-Layer Currency" Framework

At the end of October, Hong Kong Monetary Authority President Eddie Yue published an article in "The Hong Kong Economic Journal" titled "Building Bridges for Hong Kong's Digital Economy," announcing that Hong Kong will establish a multi-layer digital currency system encompassing central bank digital Hong Kong dollars (CBDC) + tokenized deposits + regulated stablecoins.

This framework embodies Hong Kong's institutional thinking:

• Central Bank Level: Strengthening sovereign currency control through digital Hong Kong dollars;
• Commercial Bank Level: Using tokenized deposits to handle enterprise-level payments and settlements;
• Market Level: Allowing stablecoins to circulate within the Web3 ecosystem.

Hong Kong is not betting on any single form of digital currency but is constructing a multi-layered coexistence and complementary currency ecosystem—allowing innovation and regulation, efficiency and security to coexist harmoniously.

United Kingdom: A Realistic Approach to Institutional Experimentation

In September of this year, HSBC, Barclays, Lloyds, and other major banks jointly launched a pilot for tokenized pounds, expected to last until mid-2026. The pilot scope includes not only cross-border payments but also mortgage processes and digital asset settlements.

Bank of England Governor Andrew Bailey has pointed out: "The significance of tokenization lies not in creating new risks but in making the old system more efficient." This statement encapsulates the core of the UK's strategy—first institutionalize, then release. Before stablecoin regulations are implemented, the UK has chosen to conduct controlled experiments with "tokenized deposits," trading regulatory tolerance for innovative foresight.

Japan: A Pragmatic Shift Beneath a Conservative Exterior

Japan has always been cautious but is quietly advancing. SBI Shinsei Bank is testing the use of tokenized deposits for cross-border settlements to reduce the costs and delays of foreign exchange clearing within and outside the Asian region.

Compared to the slow progress of central bank digital currencies (CBDC), tokenized deposits provide Japan with a more realistic middle path: operating within the regulatory framework while enhancing efficiency first. This aligns with Japan's consistent financial policy logic—achieving structural shifts within "stability."

Sovereignty, Efficiency, and Landscape

From a global perspective, tokenized deposits are not just a technical attempt but a competition regarding monetary sovereignty and institutional modernization. Stablecoins have enabled the de facto global expansion of the dollar on-chain, while simultaneously weakening the control of central banks over the digital forms of their currencies. Tokenized deposits offer another possibility: reshaping settlement efficiency and liquidity order without relinquishing sovereignty, bounded by institutions and underpinned by blockchain.

The future monetary system may present a three-layer structure:

• Central Bank Layer (CBDC): Sovereignty and settlement;
• Bank Layer (Tokenized Deposits): Payments and credit;
• Market Layer (Stablecoins and RWA): Global liquidity and asset digitization.

This is not a matter of replacement but rather a collective formation of the underlying architecture of new finance.

Real-World Assets, Truly On-Chain

A recent report from BNY Mellon indicates that by 2030, the total scale of stablecoins and tokenized cash will reach $3.6 trillion, with tokenized deposits and money market funds accounting for a significant portion. This means that blockchain is transitioning from being an external laboratory of the financial system to becoming the foundational infrastructure of the financial system. "On-chain" is no longer a technical choice but an evolution of institutions.

The curtain on this "institutional on-chain" movement is slowly being drawn back deep within the global banking system.

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