17 huge banks just went live on a blockchain. and no, it's got nothing to do with crypto

We see interoperability as the key enabler for scaling tokenised deposits beyond individual institutions. — UBS, on why a shared ledger rather than each bank building its own

Tokenized deposit vs. cryptocurrency — the distinction that matters

A tokenized deposit is a bank liability — a claim on real money sitting in a real account — represented as a token on that bank's own private ledger. It's still fiat currency, still regulated, still…

What actually changes, and for whom

For a retail customer, nothing changes yet — this is wholesale, interbank infrastructure, not a consumer product. The practical shift is for companies making large cross-border payments: settlement…