Tokenized deposits.Bank money on a blockchain.
A tokenized deposit is money in a bank account, recorded as a token instead of a line in the bank’s ledger. It moves around the clock and can be used inside smart contracts, but legally it stays what it was: a deposit at a regulated bank. That is the main difference to a stablecoin, which is a claim on a separate company holding reserves. Below: how a deposit token works, the differences to a stablecoin point by point, the banks that run one today, and why you cannot buy one on an exchange.
Reviewed November 1, 2026 · figures from our live data
The short answer
A tokenized deposit is a claim on a bank, like any account balance. The money stays on the bank’s balance sheet, and bank regulation and the deposit rules of the bank’s country apply.
A stablecoin is a claim on its issuer, which holds cash and short-term government debt as a reserve. It is not a deposit and is not covered by deposit insurance.
A deposit token can pay interest — that is the bank’s decision. Payment stablecoins may not pay interest in the EU under MiCA, and their issuers may not pay it in the US under the GENIUS Act.
Today deposit tokens are almost all for companies and only move between the bank’s own approved clients. JPMorgan’s JPMD runs on a public chain (Base), still only for approved holders. Retail use is in pilots in the UK, Japan and Korea.
tokenized deposit services in our data today
issuers
issuer countries
How a tokenized deposit works
Same money, different record. The bank keeps all its duties; only the way the balance is held and moved changes.
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The bank issues the token against your deposit
You hold an account with the bank. On request it turns part of the balance into tokens on a blockchain, one token per unit of currency, and turns them back into a normal balance when you redeem. The bank is the issuer and the one that owes you the money.
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The money stays bank money
The bank can lend against the deposit as it does with any account. That is why deposit tokens can pay interest — and why the bank’s capital and liquidity rules stand behind them, not a separate reserve.
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It moves 24/7 and can be programmed
Transfers settle in seconds, also at weekends, and the token can be used in a smart contract — for example to pay for a tokenized bond at the same moment the bond is delivered (“delivery versus payment”).
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Only approved wallets can hold it
Every holder has to be a client the bank has checked. Even on a public blockchain the token contract refuses transfers to unknown wallets. This is the part that makes deposit tokens unlike most stablecoins.
Tokenized deposit vs stablecoin
Both are digital dollars, euros or yen on a blockchain. What stands behind them is different.
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Who owes you the money
Deposit token: the bank. Stablecoin: the issuer company, which is usually not a bank and holds a reserve of cash, bank deposits and short-term government debt.
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Deposit protection
A deposit token is a deposit, so the deposit protection of the bank’s country can apply — up to its limit and for eligible depositors. A stablecoin is not a deposit and is not covered; your protection is the reserve and how it is held.
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Interest in the EUEU only
MiCA does not let issuers of e-money tokens (euro and dollar stablecoins) pay interest to holders. A bank may pay interest on a deposit, tokenized or not.
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Interest in the USUS only
The GENIUS Act of July 2025 does not let payment stablecoin issuers pay interest or yield to holders. Bank deposits, tokenized ones included, are not covered by that ban.
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Who can hold it
Deposit token: only clients of the bank, so far mostly companies and institutions. Stablecoin: usually anyone with a wallet; the issuer can freeze addresses, but trading needs no account.
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Where it trades
Deposit tokens are not listed on exchanges; you get them from your bank and redeem them there. Stablecoins trade on exchanges and decentralised markets worldwide.
Which banks run tokenized deposits today
Status as of 1 November 2026. Live services are for business clients; retail use exists only in pilots.
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JPMorgan — JPMD on Base
The first deposit token of a large bank on a public blockchain: a US-dollar deposit at JPMorgan Chase Bank, issued through its Kinexys unit on Base, Coinbase’s Ethereum layer 2. Piloted from June 2025, opened to institutional clients in November 2025; only approved holders. About 1 million JPMD were in circulation at our last on-chain reading (18 Oct 2026).
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Citi — Citi Token Services
Tokenized US-dollar, euro and other deposits for Citi’s corporate clients, moving 24/7 between Citi accounts in different countries. Runs on Citi’s own private blockchain, not a public one.
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HSBC — Tokenised Deposit Service
For corporate and institutional clients, started in Hong Kong, then Singapore, Luxembourg and the UK; extended to the United States in April 2026. Runs on HSBC’s own platform.
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Japan — DCJPY
Yen deposits as tokens on the DeCurret DCP network, issued by GMO Aozora Net Bank. In spring 2026 SBI Shinsei Bank, SBI Securities and Daiwa Securities used DCJPY to pay for a digital bond at the moment of delivery. Japan Post Bank plans to offer DCJPY to its savers by the end of fiscal year 2026 (March 2027).
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UK — tokenised sterling deposits pilot (GBTD)
Barclays, HSBC, Lloyds, NatWest, Nationwide, Santander and later Monzo tested tokenised sterling deposits from September 2025 under UK Finance. In September 2026 the first live customer transactions were completed: two remortgages and a marketplace payment.
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US — shared bank network planned
The Clearing House, owned by the large US banks, announced on 5 June 2026 a network to settle tokenized deposits between banks, with JPMorgan, Citi, Bank of America and Wells Fargo among the backers. Launch is planned for the first half of 2027.
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Korea — Project Hangang
The Bank of Korea tested deposit tokens with seven commercial banks and ordinary citizens in 2025: shoppers paid with tokenized deposits in selected stores, with caps on holdings and spending. A second phase with more banks and person-to-person transfers was announced.
Can you buy a tokenized deposit?
Not on an exchange. A deposit token comes from your own bank, and only if your bank offers it to you.
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Companies: through the bank
JPMD, Citi Token Services and HSBC’s service are opened through the bank’s corporate banking, after onboarding and a contract. There is no public market price; one token is one dollar, euro or yen at that bank.
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Private customers: wait for your bank
Retail deposit tokens exist only in pilots so far (UK, Korea) and in plans (Japan Post Bank). If your bank launches one, it will appear in its app — not on a crypto exchange.
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Beware of look-alikes
Tokens named “JPMD” or after a bank on exchanges or decentralised markets are not the bank’s deposit token, which only moves between approved wallets. Check the contract address on the bank’s own page.
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If you want a dollar token now
For a private investor the options on chain are stablecoins, which pay no interest themselves, and tokenized money market funds, which pass on the interest of short-term government debt but are fund units, not deposits.
Questions
What is the difference between a tokenized deposit and a stablecoin?+
A tokenized deposit is a bank deposit recorded as a token: the bank owes you the money and bank rules apply. A stablecoin is a claim on a separate issuer that holds a reserve; it is not a deposit.
Are tokenized deposits covered by deposit insurance?+
They are deposits, so the deposit protection of the bank’s country can apply, up to its limit and for eligible depositors. How each scheme treats tokens in detail is still being clarified by regulators; check with the bank.
Do tokenized deposits pay interest?+
They can — interest is the bank’s decision, as on any account. JPMorgan describes JPMD as an interest-bearing deposit token. Payment stablecoins may not pay interest under MiCA in the EU and the GENIUS Act in the US.
Can I buy JPMD?+
Only as an approved institutional client of JPMorgan. JPMD is not listed on exchanges, and the token contract only allows transfers between approved wallets.
Is a tokenized deposit the same as a CBDC?+
No. A CBDC is money issued by the central bank. A tokenized deposit is money owed by a commercial bank, like an ordinary account. Some projects, such as Korea’s Project Hangang, test both together.
Are tokenized deposits safer than stablecoins?+
They carry a different risk: the bank’s, under bank supervision and possibly deposit protection, instead of the issuer’s reserve. A large stablecoin with a cash and T-bill reserve and a deposit at a weak bank can each fail in their own way.
- Every tokenized deposit in our data →
- Stablecoins explained →
- Tokenized money market funds →
- MiCA explained →
- Can stablecoins pay interest? →
- J.P. Morgan Kinexys — deposit tokens
- The Block — JPMorgan rolls out JPM Coin deposit token on Base
- HSBC — Tokenized Deposit Service expands to the US (13 Apr 2026)
- UK Finance — tokenised sterling deposits (GBTD)
- ABA Banking Journal — The Clearing House tokenized deposits system (Jun 2026)
- SBI Shinsei Bank — DCJPY settlement of a security token (24 Apr 2026, Japanese)
- The Block — Korea’s Project Hangang pilot
This guide explains how these products work and is not investment advice or an offer of any security. Who may buy a product is set by its issuer; check the offering documents before investing.