How are banks beating stablecoins?

HSBC just expanded its tokenised deposit service (TDS) to cross-border corridors (Hong Kong ⇄ Singapore) and is eyeing scale into the UK/EU. [ANNOUNCEMENT]

Why it matters: Stablecoins may have led the early race with speed and reach, but banks are striking back with their strongest asset: regulated deposits. By tokenising them, traditional financial institutions are creating digital money that delivers blockchain’s instant, programmable features with the safety, trust, and regulatory clarity only banks can offer.

Let’s dive in.

What’s happening