Tokenised deposits are putting commercial banks back in the centre of the evolution of digital money. Lee McNabb, head of digital assets at NatWest Group, joins John Orchard, chairman of the Digital Monetary Institute at OMFIF, about the benefits and remaining challenges of bringing tokenised commercial bank money to wholesale and retail users.<br><br>They discuss the ways central banks and policy-makers are working on this development, which will allow the existing financial architecture to combine the benefits of blockchain with the guardrails and infrastructure of the two-tier financial system. Read the latest edition of the Digital Monetary Institute Journal for more insights on tokenised deposits.

Tokenised deposits and the future of money

Invested: The OMFIF Podcast

Hello and welcome to Invested, the OMFIF Podcast series on the forces shaping global finance, economics and public policy in a rapidly changing world. And we will explore the ideas, trends and decisions behind the headlines that are driving markets and institutions worldwide. With me, John Orchard, the chairman of the DMI. We're joined this time by Lewis McClellan, who is head of digital assets at NatWest here in the UK.

And we're going to look today at a pretty important topic in this field at the moment, which is tokenised deposits, which is following on from a range of initiatives in particular from central banks over the last year, in essence to catch up with the stablecoin race and may have all sorts of important benefits in terms of the broader ecosystem. So Lee, thank you very much for joining us today. No problem, John. Thank you for having me.

Let's have a quick overview first of the work on tokenised deposits that NatWest itself is involved in. What are you up to? Sure. Yeah, thank you. Lots, to be fair. What I'll probably hinge it upon is the work we are doing at industry level. I think the thing with tokenised deposits that ultimately it takes a network in the community for them to be able to be truly kind of into banking, and bring the kind of interoperability and fungibility that is needed to be able to credit all.

And we'll go into the use cases later, no doubt. Yeah. So we are involved in a couple of things, one domestically and a couple internationally as well. The domestic piece, we've been on the journey probably for close to four years, to be fair.

Tokenised deposits and the future of money

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Tokenised deposits and the future of money

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.