01Two dynamics, one trajectory
Tokenisation is entering its institutional phase. The point is no longer to prove that a blockchain can represent a bond, a fund share or a deposit, but to make these representations work within regulated finance: property rights, authoritative ledger, custody, compliance, settlement, liquidity, investor protection.
Stablecoins are becoming a sovereignty issue. USD stablecoins dominate internationally, but states and banks are developing local responses (national-currency stablecoins, tokenised deposits, CBDCs, instant payments) so that local payments and tokenised markets do not settle permanently in digital dollars.
| Region | Dynamic | Examples |
|---|---|---|
| Gulf | Active replication | UAE: DDSC live (February 2026), first $30m institutional transaction; Saudi Arabia: riyal stablecoin planned |
| Africa | Demand ahead of regulation | Nigeria: cNGN; $56bn of on-chain transfers (Q1 2024 – Q1 2025) |
| Latin America | Strategic containment | Brazil: resolutions regulating VASPs; BRL volumes up 26× in 18 months |
| Asia-Pacific | Regulated hub | Hong Kong: HSBC and Anchorpoint licences; Japan: first yen licence; Project Nexus |
| Europe | Euro acceleration | MiCA fully operational; the ECB is accelerating the digital euro |
| North America | Federal USD framework | GENIUS Act (July 2025); interest banned on payment stablecoins |
02The dollar redeploys; stablecoins and tokenised deposits complement each other
New demand for dollars and Treasuries generated by stablecoins by 2027, according to J.P. Morgan.
End-2025, including over $141bn of direct and indirect Treasury exposure.
Tokenised deposit volumes processed by J.P. Morgan.
Two questions are often confused. The settlement currency is decided by demand: the dollar anchors international settlement, local currencies dominate domestic use. The instrument is decided by where value flows: stablecoins win on small amounts and open networks, tokenised deposits on wholesale settlement.
Two different bets, but not two incompatible futures.After J. Roussel, L'Agefi, 2026
What technology does not solve on its own
- Tokenisation does not create liquidity by design: the same security on several networks fragments order books.
- Instant settlement is not always optimal: it increases intraday liquidity needs and removes netting benefits.
- Blockchain does not replace institutional custody: banks, custodians, CSDs and transfer agents remain essential.
- Technical interoperability is not enough: moving a token between two chains guarantees neither legal recognition nor agreement on the authoritative ledger.
- The competitive edge is in orchestration: conversion between tokenised monies, compliance, liquidity, clearing, final settlement.
03Three postures for banks, a four-level target architecture
- The regional architectEngages early as issuance and custody partner for an instrument backed by a sovereign currency (FAB / DDSC).
- The corridor specialistTargets flows where stablecoin rails beat correspondent banking on cost (Standard Chartered / Zodia, Banking Circle, Lloyds, BTG Pactual).
- The infrastructure providerCaptures the institutional wholesale settlement layer (J.P. Morgan Kinexys, Citi Token Services).
| Level | Dominant forms of money | Main uses |
|---|---|---|
| International | USD stablecoins, wholesale tokenised deposits | International trade, global markets, cross-border settlement |
| Regional | Local stablecoins, interconnected payment rails | Regional corridors, remittances, regional trade |
| Domestic | Local-currency stablecoins, tokenised deposits, possible CBDC | Payments, treasury, local commerce, cash management |
| Capital markets | Tokenised assets and tokenised settlement money | Collateral, repo, funds, bonds, delivery versus payment |
For Europe, the challenge is to build enough liquidity, acceptance and infrastructure around the tokenised euro so that European assets and payments do not structurally rely on the digital dollar. For banks, it is to stay at the heart of the system by combining tokenised deposits, regulated stablecoins, custody, compliance, liquidity and settlement.
Every posture is defensible. Waiting for regulatory clarity is not.Julien Achard, OpenbanQ
Sources : Arthur D. Little, “The Sovereign Stablecoin Era: Replication, Not Resistance”, 2026; J. Roussel, “Blockchain: le grand fossé entre banques européennes et américaines”, L'Agefi, 2026; OpenbanQ analysis and synthesis.