Tokenised deposits and bank money.

Tokenised deposits keep money inside the banking system while letting it move on a blockchain, the banks' answer to stablecoins.

Central banks are testing them alongside wholesale digital currency, as in Korea's Project Hangang.

By market · 8 sources across 6 markets

Hong Kong1 source
- HKMA announces the new phase of Project Ensemble to support real-value transactions in tokenised deposits and digital assetsGuidanceHong Kong Monetary Authority (HKMA) · 13 Nov 2025
  Launches the EnsembleTX pilot for real-value tokenised deposit transactions, first settled via HKD RTGS and later in tokenised central bank money.
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Hong Kong's full rulebook
South Korea1 source
- Central Bank Digital CurrencyGuidanceBank of Korea (BOK) · 2025
  The BOK's CBDC page, covering its experiments and the joint FSC, FSS and BIS project behind Project Hangang. It says no issuance decision has been made.
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South Korea's full rulebook
Taiwan2 sources
- FSC opens deposit token pilots to banksGuidanceFinancial Supervisory Commission (FSC) · 22 Sep 2026
  Banks may apply to pilot deposit tokens, which remain bank deposits under the Banking Act, setting out use cases, issuance and redemption flows and customer protection; results will inform future rules.
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- Special report on planning for digital currency issuance and the digital transformation of moneyGuidanceCentral Bank of the Republic of China (Taiwan) · 8 Jul 2024
  Describes the central bank's retail CBDC prototype, sets no issuance date, and shifts focus to wholesale CBDC and bank deposit tokens; says Bitcoin and stablecoins are not money.
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Taiwan's full rulebook

Malaysia2 sources
- Digital Asset Innovation Hub (DAIH)GuidanceBank Negara Malaysia (BNM) · 30 Jul 2026
  BNM's testing platform for blockchain use cases, listing the ringgit stablecoin and tokenised deposit pilots and the tokenisation industry working group. Updated as at 30 July 2026.
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- Digital Asset Innovation Hub Charts 2026 Strategy with Focus on Ringgit Stablecoins and Tokenised DepositsGuidanceBank Negara Malaysia (BNM) · 11 Feb 2026
  Announces three wholesale payment pilots for ringgit stablecoins and tokenised deposits in 2026. BNM commits to greater clarity on both by end-2026.
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Malaysia's full rulebook
Singapore1 source
- MAS Launches BLOOM Initiative to Extend Settlement CapabilitiesGuidanceMonetary Authority of Singapore (MAS) · 16 Oct 2025
  Builds on Project Orchid to enable settlement in tokenised bank liabilities and well-regulated stablecoins across currencies, with members including Circle, DBS, OCBC and UOB.
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Singapore's full rulebook

Australia1 source
- RBA and DFCRC Release Findings From Project AcaciaGuidanceReserve Bank of Australia (RBA) · 18 May 2026
  Reports on 20 wholesale tokenised asset use cases settled with ESA balances, pilot wholesale CBDC, deposit tokens and stablecoins. Sets next steps including a digital market infrastructure sandbox.
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Australia's full rulebook

No dedicated rule found yet in 25 markets: