What is Deposit Token?
A deposit token is a tokenized claim on a commercial-bank deposit — bank money represented on a blockchain and transferable between the bank's verified clients. It is a liability of the issuing bank, sits inside the regulated banking perimeter, and is permissioned by design. JPMorgan's JPMD is the most cited example.
Also called: tokenized deposit · bank deposit token · JPMD · commercial bank money on-chain
Deposit token versus stablecoin
A stablecoin is a bearer instrument issued by a non-bank against a reserve pool and transferable to any address that can hold it. A deposit token is a record of a bank deposit: it moves only between accounts the bank has onboarded, and it carries the bank's balance-sheet treatment and interest mechanics. Same settlement rail, different money — and for institutions that difference decides which one treasury policy allows.
Why the settlement desk cares
Tokenized securities need tokenized cash on the same rail to settle atomically. Deposit tokens give regulated institutions a cash leg that stays inside the banking system, which is what makes bank-side delivery-versus-payment work without touching a public stablecoin. Access is the constraint: permissioned by construction, so they are institutional plumbing rather than a retail instrument.
Frequently asked questions
Is a deposit token a stablecoin?
No. A stablecoin is a non-bank bearer claim on a reserve pool; a deposit token is a claim on a commercial-bank deposit, restricted to the bank's onboarded clients.
Can anyone hold a deposit token?
Generally no. Deposit tokens are permissioned to verified institutional clients of the issuing bank, so they do not circulate freely the way a public stablecoin does.
Where this shows up live
On the desk
Live stablecoin / settlement-layer board
Every figure on those pages carries its source and as-of time. Nothing is shown when the upstream is unavailable.
Related terms
- Real-World Asset (RWA) — A real-world asset (RWA) in crypto is an off-chain asset — a Treasury bill, equity, fund, bond, commodity, or property — represented as a blockchain token.
- Atomic Settlement — Atomic settlement is all-or-nothing settlement: every leg of a transaction completes together or none do, with no partial or failed state.
- Tokenized Treasury — A tokenized treasury is a money-market or short-term US Treasury fund issued as a blockchain token that pays yield on-chain.
More in RWA
Informational only · not financial advice. See the live numbers on the data desk, the sourcing rules in the methodology, or the day's stories in the newsroom. · ← All glossary terms