Digital Securities Require Digital MoneyMoving a security on a blockchain solves only half the settlement problem. For banks, tokenised deposits also provide a way to modernise payments without surrendering customer deposits and financial relationships to stablecoin issuers. That gives them an incentive to develop steadier businesses in custody, payments, stablecoins and tokenised securities. Blockchain systems can also introduce new vulnerabilities. Tokenised funds, deposits and settlement systems address genuine institutional problems, but their success is not assured.