Crypto for Advisors: banks and digital money

Banks are not competing with stablecoins on speed alone. They are competing on legal certainty.A tokenized deposit sits on a regulated bank balance sheet. It remains subject to capital requirements, liquidity coverage rules, resolution regimes and — where applicable — deposit insurance. There is no ambiguity about seniority in insolvency. There is no reserve opacity problem. There is no new issuer risk to underwrite.Tokenized deposits do not introduce new money. They repackage existing deposits using distri ...