RWA.io report: Multiple banks explore tokenized deposits and launch pilot projects

On March 23rd, RWA.io released a report stating that multiple banks are exploring tokenized deposits and testing solutions to migrate commercial bank funds to blockchain based payment and clearing infrastructure. The report was co authored by institutions such as the British Financial Association, Citigroup, Bank of New York Mellon, Kinexys under JPMorgan Chase, Standard Chartered Bank, Dutch Bank, and Digital Asset. It points out that tokenized deposits, along with stablecoins and central bank digital currencies, constitute an on chain cash system. The report mentioned that banks in the European region have launched pilot and implementation projects. In January of this year, Lloyd's Banking Group and Archax completed the UK's first public blockchain transaction based on tokenized deposits on Canton Network; The pilot project of the British Financial Institute plans to test various payment and clearing scenarios by mid-2026.