Can stablecoins, CBDCs and tokenised deposits create a new era of instant banking?

Stablecoins, tokenised deposits, and central bank digital currencies (CBDCs) are rapidly emerging as the next generation of digital money, with global banks and regulators increasingly viewing them as the foundation for a future of instant, programmable, and always-on banking systems. A new Deutsche Bank report says these technologies could fundamentally reshape cross-border payments, settlements, treasury operations, and financial infrastructure worldwide. 

According to Deutsche Bank’s report, Digital Money – a perspective on stablecoins, tokenised deposits, and CBDCs, financial systems are steadily transitioning away from legacy banking models dependent on batch processing and cut-off timings. 

The report noted that digital money systems can enable real-time transfers, programmable payments, and continuous settlement capabilities, paving the way for a more efficient “always-on” banking ecosystem. Financial institutions and corporates are increasingly exploring blockchain-based payment systems to improve speed, transparency, and automation. 

Stablecoins

Stablecoins currently represent the fastest-growing segment of digital money. Their market capitalisation has surged from around US$50 billion in 2021 to more than US$300 billion by April 2026. Nearly 99% of the market is dominated by US dollar-backed stablecoins such as USDT and USDC. 

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While stablecoins were initially designed to support crypto trading activity, they are increasingly being used for real-world financial applications. These include cross-border remittances, business-to-business transactions, international payouts, and access to dollar-denominated assets in inflation-hit economies. 

The report estimated global stablecoin transaction volumes at US$62 trillion in 2025, although real-economy payment activity still accounted for a smaller share of US$350–550 billion. 

Regulation gathers pace

Regulatory clarity is also accelerating digital money adoption. In the United States, the GENIUS Act signed in July 2025 established formal rules for stablecoin issuers, including strict reserve requirements linked to cash and short-term US Treasury securities. Europe’s Markets in Crypto-Assets Regulation (MiCA) has also created a harmonised framework for stablecoins and digital assets across the European Union, while Asian markets such as Singapore, Hong Kong, and Japan are actively developing stablecoin regulations and pilot programmes. 

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Tokenised deposits

Alongside stablecoins, banks are increasingly experimenting with tokenised deposits — blockchain-based representations of commercial bank deposits that retain traditional banking structures while enabling faster and programmable transactions. 

Projects such as Partior, Project Agorá, and Swift’s blockchain-ledger initiative are exploring ways to modernise correspondent banking, automate treasury functions, and improve cross-border settlement efficiency. 

Unlike stablecoins, tokenised deposits can also allow holders to earn interest in many jurisdictions, making them potentially attractive for banks and institutional clients. 

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CBDCs gain momentum

The report said wholesale CBDCs designed for institutional use are progressing faster globally than retail CBDCs intended for consumers.

China remains the most advanced example of a retail CBDC through its e-CNY project, while Europe continues developing a digital euro. However, wholesale CBDCs are increasingly being explored for interbank settlement, tokenised securities, and cross-border financial infrastructure. 

Deutsche Bank said banks are likely to play a central role in helping customers navigate between stablecoins, tokenised deposits, and CBDCs as digital money adoption expands globally.

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