Stablecoins and Tokenised Deposits: Issuance Models, Regulation and Prospects for Application in the Financial System

Abstract

The objective of the study is to identify the specific features of issuance and circulation of private issuers’ digital forms of money, as well as to assess the prospects for their application within the financial system. The paper provides a typology of tokenised private money, conducts a comparative analysis of the issuance and operational models of stablecoins and tokenised deposits, examines the approaches of international financial organizations and national monetary authorities to the legal regulation and supervisory oversight of their circulation, and assesses the market prospects for their application. It is established that fiat-backed stablecoins and tokenised deposits represent two competing forms of tokenised private money, differing in their issuance and operational models. Fiat stablecoins function as circulating digital liabilities of the issuer with full collateralization by reserve assets and do not participate in credit money creation, whereas tokenised deposits are based on a model of digital bank ledger entries, implying changes in liabilities within the banking system, partial backing, and integration into the bank lending process. It is shown that differences in issuance and operational models determine specific patterns of risk distribution, maintenance of monetary unity, and directions of practical application of these forms of digital money. It is argued that tokenised deposits have a higher potential for institutional integration into the existing monetary and financial system, whereas stablecoins form a separate digital monetary and settlement layer oriented toward cryptocurrency markets, corporate payments, liquidity management, and cross-border transactions. It is demonstrated that integration of stablecoins and tokenised deposits with central bank digital currencies may be implemented either through interaction between private tokenized ledgers and central bank infrastructure or through a unified ledger model enabling interoperability of different forms of digital money and atomic settlement. It is found that the regulation of tokenised deposits is mainly embedded within existing banking frameworks, whereas stablecoin issuance and circulation require the development of specialized regulatory regimes. At present, stablecoin regulation is characterized by a fragmented combination of licensing regimes, reserve requirements, and usage restrictions, reflecting an emerging multi-layered and still incomplete global regulatory architecture. The development of the stablecoin market is characterized by sustained growth in capitalization and transaction activity, expansion of functional use beyond the cryptocurrency ecosystem, and high concentration of issuance and infrastructure alongside increasing integration into selected segments of the traditional financial system. Tokenised deposits are being implemented by individual credit institutions as a banking-based alternative to stablecoins, enhancing efficiency and automation of payments while maintaining linkage to bank balance sheets and existing infrastructure.

This article was submitted 19.10.2025 and approved for publication 01.07.2026

doi:10.17323/1996-7845-2026-03-02

© Dmitry А. Kochergin, 2026

Materials are distributed under the CC BY-NC 4.0 license