Comparing the balance sheet structures, credit risks, and clearing architectures of fiat stablecoins and tokenized commercial bank deposits.
| Feature | Fiat Stablecoins (e.g., USDC, EURC) | Tokenized Deposits |
|---|---|---|
| Liability Type | Prepaid card / e-money issuer liability | Direct commercial bank liability (deposit) |
| Reserve Backing | 100% matched liquid cash & treasuries in escrow | Fractional reserve banking (loans, central bank reserves) |
| Credit Risk | Custodian risk (isolated to reserve bank failure) | Bank credit risk (offset by deposit insurance) |
| Interbank Settlement | Not required (transferred as native tokens) | Requires interbank clearing (RTGS/TARGET2) |
| Regulatory Framework | MiCA (EMT) in Europe, state money transmitters in US | Traditional banking license & deposit rules |