Are banks ready for stablecoins, tokenised deposits and CBDCs?

RedCompass Labs data shows banks are engaging with three layers of digital money: stablecoins, tokenised deposits and central bank digital currencies (CBDCs). In June 2026 a 140-member consortium that includes Visa, Mastercard, BlackRock and Stripe launched Open USD. In the same month JPMorgan, Citi, Bank of America and Wells Fargo announced a bank-led tokenised-deposit network through The Clearing House.

The data describes parallel initiatives. Non-bank and fintech groups are building dollar-denominated stablecoin rails for retail and cross-border payments. Large commercial banks are creating tokenised-deposit systems intended to keep deposits inside regulated banking channels.

The European Central Bank is moving central-bank money onto distributed ledgers. Its wholesale settlement platform Pontos launches this quarter and a retail digital euro pilot is scheduled for 2027.

Commercial deployments are under way. SoFi placed a stablecoin inside its banking app. Remittance firms Western Union and MoneyGram rolled out dollar tokens across their networks. Regulators and lawmakers are updating frameworks, including the GENIUS Act in the United States, MiCA in the EU and a new UK regime for systemic stablecoins.

Supporting multiple digital-money layers affects custody, payment processing and liquidity management. Tokenised deposits can be created on bank balance sheets and settled on permissioned ledgers, preserving deposit funding and existing customer relationships. Stablecoins issued by non-banks typically require custodial arrangements, partner banks for fiat on- and off‑ramps and new treasury controls to manage backing assets and redemptions. CBDC designs affect reserve accounts, settlement finality and the technical interfaces banks use with central banks.

Rail choice varies by use case. Retail and remittance payments use fast, low-cost token rails that connect wallets and exchanges; stablecoins and tokenised deposits operate where interoperability exists. Cross-border and B2B payments rely on liquidity corridors, atomic settlement or prefunded arrangements. Tokenised deposits link to banks’ payment hubs and liquidity pools, while stablecoins extend reach where accepted. Wholesale CBDC solutions target high-value interbank settlement and tokenised asset workflows and require integration with treasury systems and payment engines.

Banks’ payment hubs will need new settlement engines, real-time liquidity management tools and expanded custody for tokenised assets. Tokenised-deposit rails are likely to be routed through bank-controlled systems. Third-party stablecoins may shift some transaction flow and float to non-bank platforms unless banks act as issuers or preferred custodians. CBDC rollout will require changes in reserve management and central-bank interfaces.

RedCompass Labs analysis finds readiness is uneven. Large banks and payments firms are funding pilots, shared networks and integrations. Interoperability standards, cross-border messaging protocols and AML/KYC rulebooks remain under development. RedCompass Labs identifies firms that build custody, settlement and compliance capabilities and link token rails to existing payment hubs and liquidity pools as positioned to operate across multiple layers; institutions without token custody, ledger integration or regulatory engagement face implementation gaps.

A webinar hosted with RedCompass Labs will discuss these findings. Participants listed for the event include Santhosh Kumar, senior payments SME at RedCompass Labs; Mark Willis, global head of emerging payments at Standard Chartered; Neil Chopra, head of financial markets at Fireblocks; and Scott Hamilton, global payments and liquidity expert and moderator.