What are tokenized bank deposits — and how are they different from stablecoins?
4 tokenized deposit services in our data; confirmed by the bank: Citi Token Services, JPMorgan Deposit Token (JPMD); reported: DCJPY tokenised yen deposits, HSBC Tokenised Deposit Service. All are for the bank’s own clients — none can be bought on an exchange. The difference to a stablecoin: a deposit token is bank money, protected and regulated like an account; a stablecoin is a claim on a reserve held by a non-bank issuer.
A tokenized deposit is an ordinary bank deposit recorded as a token: the holder has a claim on the bank, the money sits on the bank’s balance sheet, and deposit protection and bank regulation apply as for any account. A stablecoin is a claim on a separate issuer that holds reserves — cash and short-term government debt — outside a bank balance sheet. Deposit tokens so far move only between the bank’s own clients, mostly companies; JPMorgan’s JPMD is the first on a public chain (Base), still restricted to approved holders.
Figures from our live dataset · data as of 2026-10-16 · not investment advice
| Token | Issuer | Yield / return | Minimum | KYC to buy | Chain |
|---|---|---|---|---|---|
| CITI-TOKEN-SERVICES Citi Token Services — tokenized deposits (USD, EUR and other currencies, 24/7) | Citibank, N.A. and Citi branches | Not stated by the source | — | Not stated | Citi private permissioned blockchain |
| JPMD JPMorgan Deposit Token (JPMD) — tokenized USD bank deposit on Base | JPMorgan Chase Bank, N.A. (Kinexys) | Not stated by the source | — | Not stated | Base |
| DCJPY DCJPY tokenised yen deposits (DeCurret DCP network) | DeCurret DCP (issuing banks: GMO Aozora Net Bank; Japan Post Bank planned) | Not stated by the source | — | Not stated | — |
| HSBC-TDS HSBC Tokenised Deposit Service (HKD, SGD, USD, GBP, EUR) | HSBC | Not stated by the source | — | Not stated | — |
Side by side
| CITI-TOKEN-SERVICES | JPMD | DCJPY | HSBC-TDS | |
|---|---|---|---|---|
| KYC to mint with the issuer | Not stated | Not stated | Not stated | Not stated |
| KYC to buy on a market | Not stated | Not stated | Not stated | Not stated |
| KYC to redeem | Not stated | Not stated | Not stated | Not stated |
| Assets under management | — | 999,689 JPMD in circulation (read on chain 2026-10-18) | — | — |
| Jurisdiction | USA | USA | Japan | Hong Kong |
| How to buy | Through Citi Token Services (Citi's private permissioned ledger) or the arranging banks | Through Kinexys by J.P. Morgan or the arranging banks | — | — |
More questions
Are tokenized deposits covered by deposit insurance?
They are deposits, so the usual rules of the bank’s country apply — up to the insured limit, and only for eligible depositors. Stablecoins are not deposits and are not covered; their protection is the issuer’s reserve and, in the EU, MiCA’s reserve rules.
Do tokenized deposits pay interest?
They can — interest on a deposit is the bank’s decision, as on any account. Payment stablecoins may not pay interest in the EU (MiCA) and, under the US GENIUS Act, issuers may not pay it either.
Which of them can I buy without KYC?
None of them is stated as buyable without KYC.