Tokenized deposits, first-party stablecoins, third-party stablecoins. Each trades off franchise, reach, and capital differently, and most banks will need all three.
Bar = venue reach
The number
~0 of 290
transaction banks were live with tokenized money in mid-2026
The problem
>$0B
daily on Kinexys by mid-2026
~$0B
stablecoins at end of 2025, up ~50%
2/3
of banks developing or discussing
No cut-offs, no pre-positioning across branches.
Intraday repo, sweeps, and conditional payments.
Intraday repo on digital rails could roughly halve costs (DTCC).
Insured, interest-bearing, on your balance sheet.
Interbank layers are arriving
Jan 2026
Basel SCO60 effective
Aug 2026
HSBC × StanChart first live interbank
H1 2027
TCH settles tokenized deposits via RTP/CHIPS
Mid 2027
~1/5 of banks live or committed
Three families, seven products
1A · 1B
Tokenized deposit · Deposit token
2A · 2B · 2C
Own balance sheet · Subsidiary · Consortium
3A · 3B
Prefunded · Secured loan
Same deposit, new ledger, always on
Tempo brings
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