Foreign media comments suggest that bank stabilization currency, tokenized deposits and central bank digital currency can be used for digitized transfers, but that the respective holders of claims differ. This difference further affects the way in which endorsements are given, payment arrangements, regulatory attribution and holding risks, and therefore cannot simply be classified as a single product.
Discrepancies in claims
According to the article, bank stability is usually the negotiable token for the anchoring of a French currency such as the United States dollar or the euro, the stability of which depends largely on reserve assets, the rules of redemption and the issuer arrangement. Even when issued or supported by banks, such tokens are not equivalent to traditional bank deposits.
Currencyized deposits remain a commercial bank liability and are simply recorded and transferred in block chains or distributed books. The counterpart of the holder's claims remains a bank, not an independent, stable currency issuer.
CBDC is a central bank liability
The article states that CBDC is a digital central bank currency, unlike a monetized deposit, which is not a commercial bank debt but a direct responsibility of the central bank. CBDC is usually divided into retail and wholesale types by use scenario.
- Retailed CBDC Payments for Families and Enterprises
- Wholesale CBDC interbank and market-oriented liquidation
It is mentioned that the ECB defines the digital euro as the electronic central bank currency used for daily payments. The Bank for International Settlements, for its part, believes that central bank currencies can still be used as anchors of trust, around which the monetization of commercial bank currencies can operate.
Three models or long-term coexistence
According to the article, the advantages of a stable currency lie in chain portability and 24-hour ability to transfer money; the retention of existing banking relationships while increasing programmability in tokenized deposits; and the provision of digital central bank currency by the CBDC, which continues to depend on access, privacy and distribution design.
Based on these differences, the three models are more likely to coexist rather than leave a single solution. For enterprises and investors, the key to judging a type of digital currency instrument is not just whether to use a block chain, but also who it represents and who bears credit risk.