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FollowingReport: Tokenized deposits may speed up payments, but may weaken bank financing stability.
According to a report released by the Federal Reserve Bank of Dallas, although tokenized deposits allow faster payments, they may make banks 'sources of funding less stable.
The report, released Tuesday, explores how the widespread adoption of tokenized deposits will affect banks 'liquidity and maturity conversions-that is, using deposits that can be withdrawn at any time to fund long-term loans.
Thereport states: "The growing popularity of distributed ledger technology, of which blockchain is the most widely known, has given rise to digital payment infrastructure that makes real-time settlement possible." The report also mentioned: "The growth of stablecoins has attracted widespread attention, thanks to efforts in the United States and overseas to build regulatory frameworks. At the same time, tokenized deposits have received relatively little attention."
Unlike stablecoins such as USDT and USDC, tokenized deposits are regulated and can pay interest. However, the report notes that instant settlements, smart contracts and autonomous artificial intelligence may make it easier for customers to chase higher yields-thus weakening the friction that keeps deposits "sticky."
The agency wrote: "Sticky deposits rely in part on frictional factors that hinder rapid reallocation of funds between banks. Instant settlement will allow depositors who prioritize yields to change banks almost instantly."
Faster outflows and greater sensitivity to interest rates may reduce banks 'willingness to hold long-term fixed-rate assets. The Dallas Fed estimates that for every 10% increase in deposit interest rate sensitivity, banks 'ability to bear interest rate risk (on a ten-year equivalent basis) will decrease by approximately $700 billion.
The authors of the report also calculated that for every 10% reduction in the weighted average maturity of deposits, the banking system's maturity conversion capacity will be reduced by US$580 billion.
They wrote: "Alternatively, banks could adjust their debt structures in other ways in an effort to keep their loan portfolios largely unchanged. This may include greater reliance on term debt issuance; marginally, the economic characteristics of such lending activities funded by wholesale debt will be similar to those of non-bank financial institutions, potentially adversely affecting the cost of credit for consumers and businesses."
This report is a microcosm of the banking community's growing interest in expanding tokenized payment experiments.
In October 2025, Custodia and Vantage launched the U.S. tokenized deposit network. In February 2026, Barclays Bank began exploring tokenized deposits and stablecoin payments; in March of the same year, Bank of Montreal (BMO) announced plans to cooperate with the Chicago Mercantile Exchange (CME Group) and Google Cloud to achieve round-the-clock tokenized cash settlement.
Recently, in July 2026, global payment system Swift announced a pilot program that allows 17 global banks to transfer tokenized deposits outside normal business hours, although final settlement will still rely on legacy payment systems that run during business hours.
