Ron Shevlin

The Battle for the Deposit Franchise: Will Stablecoins or Tokenized Deposits Dictate the Future of Banking?

As digital money moves from experimentation to execution, traditional financial institutions face a critical strategic decision: pursue a stablecoin strategy, tokenized bank deposits, or attempt both? Each path carries profound implications for balance sheets, regulation, payments infrastructure, customer relationships and long-term competitiveness.

Citi’s Ryan Rugg, Global Head of Digital Assets, Treasury and Trade Solutions, shares her perspective on whether stablecoins or tokenized deposits represent the most viable—and defensible—path forward for TradFi. The conversation will examine where real economic value is being created, how regulators and supervisors are shaping outcomes, and what decisions bank executives must make in the next 12–24 months to remain relevant in a tokenized financial system. The discussion will include a dive into:

• Are stablecoins and tokenized deposits truly alternatives—or stepping stones toward the same end state?
• Stablecoins vs. tokenized deposits: core differences on issuer model, customer trust and brand risk, control vs. reach, and Interoperability.
• Regulatory and balance sheet implications—and which path aligns more naturally with the current regulatory perimeter and which is more future-proof if regulation shifts?
• Creating value: payments, treasury, and liquidity use cases.
• Operating model and technology trade-offs
• Developing an ecosystem strategy—go it alone or join a network?
• Nonbank stablecoin adoption in emerging markets
• The risk of deposits migrating off bank balance sheets