A Brief History of Deposit Tokens and Tokenized Deposits

Franklin Noll ()

Payments System Research Briefing, 2026, 8

Abstract: The tokenization of commercial bank deposits has been in development globally since the late 2010s, evolving from theory and experimentation to the more recent implementation of both deposit tokens and tokenized deposits. Tokenizing commercial bank deposits has implications for other blockchain-based payment instruments, such as stablecoins, as well as for legacy payments systems, presenting banks with new opportunities and challenges.

Date: 2026
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