Standard Chartered Launches Blockchain-Based Tokenised Deposits Solution

Standard Chartered has launched a blockchain-based tokenised deposits solution in Singapore dollars and US dollars, partnering with Ant International to enable clients to move money from traditional bank ledgers onto a blockchain for programmable, instant settlement.

The solution allows institutional clients to convert their conventional bank deposits into tokenised representations on a blockchain, where they can be used for programmable payments and instant settlement. The tokenised deposits maintain the same legal status and deposit protection as conventional bank balances.

The dual-currency support in SGD and USD addresses the cross-currency settlement needs of institutional clients operating in Asian and international markets. Clients can use tokenised deposits to settle transactions in either currency with the speed and programmability of blockchain technology.

Ant International, the technology arm of Ant Group, provides the blockchain infrastructure for the solution. The partnership combines Standard Chartered's banking licence, institutional client relationships, and regulatory expertise with Ant International's distributed ledger technology capabilities.

Tokenised deposits represent a different approach to blockchain-based money than stablecoins. While stablecoins are issued by non-bank entities and backed by reserves, tokenised deposits are direct representations of bank deposits, maintaining the existing banking relationship and regulatory framework.

The launch builds on Standard Chartered's extensive investments in blockchain technology, including its Partior network participation, Bitcoin and Ether spot trading desk, and digital asset custody service. Tokenised deposits add another layer to the bank's digital asset strategy.