The Tool Desk
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That difference determines what supports the token’s value, how redemption works, which protections may apply and where final settlement occurs. Tokenization changes how a bank deposit is represented and transferred; it does not automatically remove the bank’s credit or maturity-transformation role.
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The three instruments in one view
The word “token” describes a digital representation, not a single legal or economic category. Two tokens can move on similar software while giving their holders entirely different rights. The issuer and the legal claim behind the token matter more than the user interface or the ledger.
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| Feature | Tokenized deposit | Stablecoin | CBDC |
|---|---|---|---|
| Issuer and debtor | Commercial bank | Private issuer | Central bank |
| Holder’s basic claim | Deposit claim on the issuing bank | Claim defined by the issuer’s structure, reserve and redemption terms | Direct liability of the central bank |
| What supports value | The bank-deposit relationship and the applicable banking framework | Reserve assets, liquidity arrangements and the issuer’s ability to redeem at the target value | Central-bank liability denominated in the national unit of account |
| How it moves | A deposit represented on a digital ledger; interbank payment can settle through central-bank money | The token can transfer between wallets or accounts, depending on its design | Design varies by system, but direct central-bank liability is the defining feature |
| Main caution | Tokenization does not eliminate bank credit intermediation | Backing quality, liquidity, redemption rights and protections are not automatically uniform | Retail and wholesale projects have different users and purposes; exploration is not issuance |
This is a conceptual comparison, not a universal statement of legal rights. The treatment of a particular product depends on its jurisdiction, contract, technical design and the rules applying to its issuer.
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Who owes the holder?
Tokenized deposits: a claim on a commercial bank
A conventional bank deposit is a liability of the bank: the bank owes the depositor the amount shown in the account, subject to the account terms. A tokenized deposit keeps that basic relationship while representing the deposit on a digital ledger, which may be a blockchain or another shared ledger.
The International Monetary Fund describes deposit tokenization as a move from an account-based deposit system to a tokenized blockchain system without changing banks’ maturity-transformation or credit-transformation functions. In practical terms, the bank still takes deposits and makes or funds loans under its banking model. The token format does not turn the deposit into central-bank money or into a risk-free asset.
Stablecoins: a private issuer’s promise
A stablecoin is issued by a private entity rather than by a central bank. The holder’s rights come from the issuer’s legal structure, reserve policy, redemption process and governing terms. Some arrangements are designed to hold reserve assets against outstanding tokens; the quality, liquidity and legal availability of those assets can vary.
A stablecoin’s name or target price does not by itself establish that every token is fully backed, instantly redeemable or legally equivalent to a bank deposit. The Bank for International Settlements has emphasized that differences in backing, liquidity and issuer creditworthiness can produce deviations from the “singleness” of money—the idea that otherwise identical monetary claims exchange one-for-one.
CBDCs: a direct claim on the central bank
A CBDC is a digital form of central-bank money. If a central bank issues it as a liability, the holder’s claim is directly against that central bank, unlike a tokenized deposit, which is a claim against a commercial bank, or a stablecoin, which is a claim governed by a private issuer’s arrangement.
“CBDC” covers different policy designs. A retail CBDC would be intended for households and businesses, while a wholesale CBDC would be used by financial institutions for interbank or market settlement. A project can be under study or in a pilot without being generally available, and a country’s exploration of CBDCs does not mean its residents can already hold one.
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What tokenization changes—and what it does not
In an ordinary account system, a bank updates its internal ledger when one customer pays another. Tokenization can represent the deposit as a transferable digital token or as a ledger entry that can be moved through programmable infrastructure. This may support automated conditions, atomic delivery-versus-payment and new ways to connect payment with financial-market transactions.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsThe underlying bank obligation remains. If the tokenized deposit is issued by Bank A, the holder still has a claim on Bank A. A transfer to a customer of Bank B may require Bank A and Bank B to settle with each other, often using central-bank money or another agreed settlement asset. The technology can change the transfer channel and operating model without changing which institution ultimately owes the deposit.
This distinction prevents a common error: describing tokenized deposits as “stablecoins issued by banks.” A bank-issued tokenized deposit is still a deposit liability within the bank’s framework. Its risk profile cannot be inferred from the fact that it uses a blockchain, and its legal treatment must be checked in the relevant jurisdiction.
How transfers and settlement work
Tokenized-deposit payment between two customers
Suppose a customer of Bank A pays a customer of Bank B. The customer’s tokenized deposit at Bank A is reduced, while the recipient’s deposit at Bank B is increased. The banks then settle the net obligation between themselves. In the BIS example, wholesale central-bank digital money can provide the asset used for that interbank settlement.
- The payer authorizes a transfer from the tokenized deposit account or wallet.
- Bank A verifies the instruction, available balance and any compliance or transaction rules.
- The payer’s claim on Bank A is reduced and the recipient’s claim on Bank B is credited, either directly or through coordinated ledger updates.
- Bank A and Bank B settle the resulting interbank position using central-bank money or another permitted settlement asset.
The customer-facing token and the bank-to-bank settlement asset are therefore not necessarily the same thing. A retail token can represent a commercial-bank claim while wholesale central-bank money completes final settlement between institutions.
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Stablecoin transfer
A stablecoin can move from one wallet to another as a token, subject to the issuer’s rules, the network’s operation and any screening or freeze functions built into the design. The recipient receives the issuer’s claim represented by the token. Whether the recipient can redeem directly, through an intermediary or only under specified conditions depends on the issuer’s terms.
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Because a stablecoin transfer may occur without moving a bank deposit between two banks, it can look more like a bearer-style instrument. That appearance does not remove issuer risk. A holder still depends on the issuer’s reserve management, operational systems and redemption process.
CBDC transfer
A CBDC system may use accounts, wallets, tokens or a combination. Retail and wholesale designs can differ in privacy, access, intermediaries and transaction limits. The defining point is not the particular ledger technology; it is that the liability is owed by the central bank.
What supports redemption at par?
“At par” means redeeming a monetary claim for one unit of the sovereign currency—for example, one dollar for one dollar—subject to the applicable rules. The BIS’s 2023 Annual Economic Report states: “Both represent liabilities of the issuer, who promises customers that they can redeem their claims at par value in the sovereign unit of account.” In that passage, “both” refers to tokenized deposits and asset-backed stablecoins, not CBDCs.
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For a tokenized deposit, par redemption is normally the same basic process as withdrawing or transferring a bank deposit: the holder asks the issuing bank to convert the digital representation into ordinary account money or cash, subject to account terms and applicable law. The bank’s ability to honor the claim depends on its financial condition and the banking framework around it.
Stablecoins
A stablecoin’s target value depends on the issuer’s reserve and redemption arrangements. Questions that matter include who may redeem, whether redemption is direct or intermediated, what fees and timing apply, whether reserve assets are liquid under stress, and what happens if the issuer becomes insolvent. A secondary-market price near one unit of currency is not proof that every holder has the same legal redemption right.
CBDCs
A CBDC is already a direct central-bank liability in the national unit of account. The practical rules still depend on the design: an intermediary may provide the wallet, access may be restricted to eligible users, and conversion to bank deposits or cash may follow system rules. The central-bank issuer distinguishes it from private claims, but does not answer every operational or policy question.
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Protections, insurance and failure risk
Protection is instrument- and jurisdiction-specific. The IMF contrasts stablecoins with bank deposits, which may benefit from prudential regulation, resolution regimes, deposit insurance where available and access to central-bank liquidity facilities. Those features are not identical everywhere, and they do not mean every deposit or tokenized deposit is insured.
- Tokenized deposits: check whether the issuing institution is a licensed bank, whether the product legally qualifies as a deposit, the applicable deposit-insurance limit and the treatment of tokens during insolvency.
- Stablecoins: read the redemption terms, reserve disclosures, claim priority, segregation or custody arrangements and issuer-jurisdiction rules. Do not assume bankruptcy remoteness or one-to-one liquid backing unless the terms and law establish it.
- CBDCs: identify the access model, intermediary responsibilities, privacy rules, offline provisions and conversion arrangements. A CBDC’s central-bank liability does not make every wallet provider or user interface a central-bank institution.
Product documentation and current local law are necessary for a legal conclusion. Broad categories cannot establish whether a named token is insured, bankruptcy-remote or legally treated as a deposit.
Why a stable value does not make the instruments equivalent
All three instruments may be designed to maintain a one-for-one relationship with the national currency, but the route to that value differs. A tokenized deposit relies on the issuing bank’s balance sheet and banking safeguards. A stablecoin relies on private reserves and redemption mechanics. A CBDC is the central bank’s own liability.
Those differences affect “moneyness”—how reliably one claim exchanges for another at par. If users doubt an issuer’s reserves, liquidity or solvency, a stablecoin can trade below its target or become harder to redeem. A commercial bank can also fail, although banking supervision, resolution tools, deposit insurance and liquidity support may alter the outcome. A CBDC removes commercial-bank issuer credit risk from the claim itself, while introducing design and policy questions about access, privacy and the role of intermediaries.
Retail versus wholesale use
Retail contexts
Retail users are households and ordinary businesses. A retail tokenized deposit could support programmable payments while remaining a bank deposit. A retail stablecoin could be held in a private wallet and transferred across a network, with rights defined by the issuer. A retail CBDC would be public digital money if a central bank chose to offer it through an approved distribution model.
Wholesale contexts
Wholesale systems serve banks, securities firms and other financial institutions. Wholesale tokenized deposits can coordinate delivery-versus-payment or automate cash legs in capital-market transactions. Wholesale CBDCs can provide central-bank settlement between institutions. A retail CBDC should not be treated as interchangeable with a wholesale settlement instrument simply because both carry the CBDC label.
How much CBDC activity exists?
The International Monetary Fund reported that a 2024 BIS survey found 85 of 93 central banks were exploring retail CBDCs, wholesale CBDCs or both. The figure describes exploration, not launches, legal tender status or broad public adoption. Some institutions may be researching technology or policy, running a limited pilot, or studying wholesale applications without committing to general issuance.
A practical way to identify a digital-money product
- Identify the debtor. Is the obligation owed by a commercial bank, a private issuer or a central bank?
- Read the redemption promise. Determine who can redeem, at what value, through which channel, on what timetable and with which fees.
- Check the backing or balance-sheet relationship. A deposit depends on the bank; a stablecoin depends on reserves and issuer arrangements; a CBDC is the central bank’s liability.
- Map the transfer and settlement legs. Find out whether a payment changes bank deposit claims, moves a private token, or settles directly in central-bank money.
- Verify protections in the relevant jurisdiction. Look for licensing, deposit insurance, resolution rules, reserve custody, insolvency priority and access restrictions.
- Separate current availability from proposals. A pilot, consultation or exploration program is not the same as an issued, generally accessible currency.
Common misconceptions
“If it is on a blockchain, it is a stablecoin.”
No. A ledger records or transfers the claim; it does not determine the debtor. A bank deposit, a private stablecoin and a CBDC can all use distributed-ledger components while remaining different liabilities.
“A bank-issued token is automatically central-bank money.”
No. A tokenized deposit remains owed by the commercial bank. Central-bank money may be used later to settle the bank’s obligation to another bank, but that settlement role does not change the customer’s original claim.
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No. “Stable” usually describes a target exchange value. It does not guarantee identical reserves, immediate redemption, equal legal priority or protection from issuer failure.
“A CBDC is already available because most central banks are studying one.”
No. The 85-of-93 figure concerns exploration in a 2024 survey. Availability depends on an actual launch, eligibility rules and access through the relevant system.
What to verify before relying on a specific product
Before using any named token for payments or treasury operations, obtain the current issuer terms and the applicable law. Confirm the issuer’s license and jurisdiction, the exact legal nature of the holder’s claim, redemption eligibility and timing, reserve custody or deposit treatment, insolvency priority, transaction reversibility, wallet recovery, sanctions controls and any limits on conversion. These details can change the practical risk more than the word “token” in the product name.
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