Big banks are increasingly experimenting with tokenized deposits as a way to plug legacy balance sheets into blockchain rails for more efficient settlement.
In a recent example, Raymond Chun, the CEO of TD Bank, one of Canada’s “Big Five” lenders, described the technology as real innovation with “terrific opportunities.” Speaking at the RBC conference earlier this month, Chun said tokenized deposits represent “the highest opportunity” for the bank and that TD is focused on them more than on crypto trading or stablecoins.
“I think there's huge benefits. It's regulated. The benefits to — from a P&L perspective, from a client perspective, it's an on-us transaction. So I think tokenized deposits is certainly real and it has terrific opportunities,” Chun said.
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