Global bank Standard Chartered is accelerating the transformation of its digital financial infrastructure by launching a blockchain-based tokenized deposit solution. This is attracting market attention as it's not just a simple experiment, but a commercial model applicable to actual corporate financial settlements.
This solution, implemented in collaboration with Ant International on Ant's blockchain platform, Whale, allows corporate customers to transfer Hong Kong dollars (HKD), Chinese yuan (CNY), and US dollars (USD) in real time. Key to this solution is that it significantly reduces the need for intermediary banks and settlement delays, both of which were previously unavoidable in international remittance processes.
This launch is part of Project Ensemble, a project being promoted by the Hong Kong Monetary Authority. Project Ensemble aims to develop Hong Kong into a tokenized financial hub in Asia by tokenizing traditional financial assets such as bank deposits, bonds, and funds using blockchain technology. Standard Chartered's case is a prime example of a financial institution demonstrating commercial services within this project.
Tokenized deposits are structurally different from stablecoins. They operate within the existing financial regulatory framework by digitizing bank deposits one-to-one and transferring them on-chain. This allows companies to minimize credit risk while leveraging blockchain's real-time settlement and automation capabilities. This structure is considered particularly suitable for multinational corporations and global trading companies that manage large amounts of funds.
Industry insiders predict that this case will spark a full-scale competition among global banks to "on-chain deposits." While major banks like JP Morgan and HSBC have already begun experimenting with digital deposits and deposit tokens, Standard Chartered has taken a lead by launching a commercial model in the Asian market.
This launch is highly symbolic, as blockchain is no longer confined to cryptocurrency transactions but is deeply entrenched in the core financial sector of bank deposits. Tokenized deposits also have the potential to become a viable alternative between stablecoins and central bank digital currencies (CBDCs). This is why some are evaluating this as a turning point, marking the full convergence of traditional finance and digital asset infrastructure.
