Tokenized deposits, MMFs, stablecoins, CBDCs
WHAT belongs WHERE?
A lot of confusion in digital money comes from treating very different instruments as the same thing.
They’re NOT. 👇
Tokenized deposits
Bank deposits on-chain
- Wholesale payments, settlement, treasury efficiency.
- Used by corporates & financial institutions.
Tokenized MMFs
Fund shares as tokens
- Cash management, yield, on-chain collateral.
- Used by institutions, treasurers, DeFi Stablecoins.
Privately issued fiat-pegged tokens
- Payments, remittances, trading, liquidity.
- Used by fintechs, exchanges, companies, global users.
CBDCs
Sovereign money on-chain
- Monetary policy, system stability, resilience.
- Used by governments, banks, citizens.
Same tech, very different roles.
Understanding WHO uses WHAT, and WHY is the key to making sense of digital money.
