RWA.io Report: Multiple Banks Explore Tokenized Deposits and Launch Pilot Projects

On March 23, RWA.io released a report stating that multiple banks are exploring tokenized deposits and testing solutions for migrating commercial bank funds to blockchain-based payment and settlement infrastructures. The report, co-authored by institutions including the UK Finance Association, Citigroup, BNY Mellon, JPMorgan's Kinexys, Standard Chartered, ABN AMRO, and Digital Asset, points out that tokenized deposits, stablecoins, and central bank digital currencies together form the on-chain cash system. The report mentions that banks in Europe have already launched pilot and implementation projects. In January this year, Lloyds Banking Group and Archax completed the UK's first public blockchain transaction based on tokenized deposits on the Canton Network; the UK Finance Association's pilot project plans to test various payment and settlement scenarios before mid-2026.