Tokenised bank deposits: what the global evidence tells us
13 Nov 2026
Tokenised bank deposits are moving into the real world
Around the world, banks and public institutions are moving tokenised deposits from experimentation towards implementation. Live transactions and real-value tests show technology can work. The bigger questions are how different systems work together, who sets the rules, how risks are managed and where accountability sits.
Our global research brings together the evidence to explain what tokenised deposits are, why activity is accelerating, where potential value may lie and what conditions appear necessary for safe and scalable operation.
The takeaway
Tokenised deposits are moving from experimentation towards implementation, but scaling them safely is about much more than technology. Interoperability, common rules, trusted settlement and clear governance will matter just as much.
What are tokenised deposits?
A tokenised deposit is a digital representation of an existing commercial bank deposit. It remains a liability of the bank and within the existing regulatory framework. Tokenisation can upgrade the capability and utility of commercial bank money by enabling it to operate in tokenised environments and interact more directly with digital assets, data, contractual conditions and business processes. What changes is how the deposit can be represented and used, including the ability to lock, release or transfer money when agreed conditions are met.
What Payments NZ is saying
This research does not recommend a tokenised-deposit model or implementation for Aotearoa New Zealand. It puts the global evidence on the table so the ecosystem can understand what is happening internationally and consider whether further exploration here is warranted.
Contact: For questions about the research, contact online@paymentsnz.co.nz