Banks pursue different operating models for tokenised deposits, with interoperability as the common destination

Figure 1. Four different approaches in offering tokenised deposit services

1
Correspondent-network overlay

Always-on payments through an existing banking network

Citi logo
Citi Token Services + 24/7 USD Clearing
Private ledger (permissioned)
Citi client / FI
Citi tokenised deposit
Citi clearing network
Citi or non-Citi beneficiary account
  • Extends tokenised deposits through correspondent banking
  • 24/7 USD payments beyond Citi accounts
  • Example: Siam Commercial Bank/PhillipCapital transaction (Thailand)
2
Proprietary global-bank network

Move money within a bank's own international network

HSBC logo
HSBC Tokenised Deposit Service
Private bank network
Home branch
Branch A
Branch B
Branch C
  • Transfers between participating HSBC locations
  • Cross-border, but largely within HSBC's perimeter
  • Reported scale: approximately $28 billion in Q1/2026
3
Public-blockchain access

Two routes to programmability and treasury use cases

J.P. Morgan logo
JPM Coin / JPMD on Base
Private ledger (permissioned) with public blockchain access
  • Kinexsys platform: >$3trn processed since launch; >$7bn average daily volume
Standard Chartered logo
Tokenised deposits for corporate treasury
Corporate treasury overlay
  • 24/7 intra-group liquidity transfers in SGD, USD, HKD and CNH
  • Example: Ant International treasury flows
4
Institutional market workflows

Tokenised deposits used primarily for market workflows

BNY logo
BNY Digital Assets / Tokenised Deposits
Private ledger (permissioned)
Client deposit at BNY
On-chain digital book entry
Collateral / margin workflow
Official balance remains in traditional BNY systems
  • Focused on collateral and margin workflows
  • Example: Ripple Prime named as an early adopter
Shared interoperability infrastructure
Swift
Shared blockchain ledger coordinating deposits on separate bank ledgers.
The Clearing House
Bank-led interbank clearing and settlement linked to RTP and CHIPS.
Common destination
Interoperability and network reach will likely determine long-term value.
Source: TABInsights