-Sarah MortonFrom stablecoins to tokenized deposits: why banks are reclaiming the narrativeStablecoins dominated early digital money discourse because they solved a narrow technical failure: moving value natively on digital rails when banks could not. Banks are now advancing tokenized deposits to reassert control over money creation, liability structure and regulatory alignment. Tokenized deposits preserve the deposit, change the railTokenized deposits do not introduce new money. Many policymakers now talk about stablecoins and tokenized deposits as payment infrastructure rather than investment products. It does not matter if you are talking about dollar-backed stablecoins, tokenized deposits or central bank digital currencies.