HSBC Global Viewpoint The Macro Brief – Digital assets in 2026
Dec 19, 2025
In this discussion, Daragh Maher, Head of Digital Assets Research at HSBC, dives into the evolution of digital assets, highlighting the mainstream rise of tokenized money by 2025. He explores tokenized bank deposits as a potential game-changer and the evolving landscape of stablecoins, especially regarding their relationship with treasury securities. Daragh also examines regulatory shifts in the US compared to China and Hong Kong, and underscores the efficiency gains from atomic settlement while addressing centralization concerns and the future of tokenized markets.
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Tokenized Money Went Mainstream
- 2025 shifted tokenized money from niche to mainstream conversation across institutions.
- Tokenized money on blockchains brings new benefits and complications compared with traditional digital balances.
Tokenized Deposits Are A Sleeping Giant
- Tokenized deposits are a 'sleeping giant' because bank deposits are enormous if tokenized at scale.
- Banks are running pilots with real-value transactions but wider scale adoption may rise in 2026.
Stablecoins Are Big But Still Small
- Stablecoin market cap (~$300bn in 2025) equals actual demand and is largely parked in U.S. T-bills.
- Stablecoins could grow much larger but remain small relative to the overall Treasury and deposit markets.