Stablecoins vs. Tokenized Deposits — What Do Banks Want?

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Dec 8, 2025

In this discussion, Rachel Mayer, VP of Product at Circle, and Nick van Eck, CEO of Agora, dive into the dynamic world of stablecoins and tokenized assets. They highlight the explosive growth of stablecoins, pointing out their $300 billion market compared to just $20–25 billion for other tokenized assets. The duo also examines the regulatory landscape, including the potential impacts of the GENIUS Act. Debating tokenized deposits versus stablecoins, they explore safety, utility, and the challenges banks face in adapting to this rapidly evolving financial ecosystem.

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INSIGHT

Instant Finality Is The Killer Feature

Tokenization's killer features are instant finality and dramatically faster settlement, which increase capital velocity and lower settlement risk.
Nick van Eck and Rachel Mayer argue these properties will reshape corporate cash management and market efficiency.

INSIGHT

Stablecoins Outpaced Tokenized Assets

Stablecoins have exploded to ~ $300B while non-stablecoin tokenized assets sit near $20–25B, showing a multi-year adoption lead for stablecoins.
The speakers expect tokenized real-world assets to grow substantially but likely on a different timeline and regulatory path.

ANECDOTE

Tax Day Delay Illustrates Settlement Friction

Nick recounts selling assets on Fidelity on tax day where cash settlement took three days, illustrating settlement frictions.
He uses this to show how tokenization removes such windows and improves working capital efficiency.

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On Ep. 60 of Tokenized, Simon Taylor, Head of Market Development @ Tempo and Cuy Sheffield, Head of Crypto @ Visa, are joined by Rachel Mayer, VP of Product @ Circle and Nick van Eck, CEO and Co-Founder @ Agora to discuss killer features of tokenization, the growth of stablecoins versus other tokenized real-world assets and more!

Timestamps:

00:00 Introduction
02:40 Larry Fink's op-ed on tokenization compared to the early internet
04:26 The killer features of tokenization: instant finality and settlement speed
06:40 The growth of stablecoins versus other tokenized real-world assets
10:18 Collateral mobility benefits for personal and corporate cash management
13:14 Regulatory clarity from the GENIUS Act as a major unlock
16:21 Technological and practical barriers to institutional adoption
23:54 European bank consortium launching a Euro stablecoin named Kivalis
27:04 Tokenized deposits vs. stablecoins: safety and utility debate
35:59 Sony's plan to issue its own stablecoin for its ecosystem

Tokenized is sponsored by Visa

A world leader in digital payments, Visa is bridging the gap between traditional financial institutions and innovative blockchain networks, helping players in the payments ecosystem navigate the ever-evolving world of tokenized fiat currencies with confidence and ease. Learn more at visa.com/crypto.

Tokenized is presented by Bridge, a Stripe company.

Just like the internet made information global, stablecoins are making money global. And Bridge, a Stripe company, is the infrastructure powering that shift. Built for speed, scale, and simplicity, Bridge helps businesses send, store, convert, and spend stablecoins instantly, all without borders or having to navigate the complexities of crypto. Learn more at bridge.xyz

Tokenized is also presented by Centrifuge

With over $1 billion in total value locked, Centrifuge works with major institutional partners to tokenize and distribute their funds — and with capital allocators onchain to invest and manage yield. Through every crypto cycle, Centrifuge has been building — and today, it’s the market leader in tokenizing real-world assets. Learn more at centrifuge.io

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We’d also like to remind you that the views or opinions of our contributors today are their own and do not necessarily reflect those of the companies they are representing. Nothing we say should be taken as tax, financial, investment or legal advice, do your own research!

Music by Henry McLean