From Deposits to Stocks: Is Tokenization Changing the Financial Market? | Seo Dong-ju, Kim Dong-hwan, Choi Yun-young, Hanwha Investment & Securities Team Leader

Summary

Choi Yun-young discusses how tokenization is moving from deposits to stocks. She explains a Dallas Fed report on deposit-token-driven funding costs, then reviews Coinbase's tokenized stock launch on Base using Abu Dhabi as a hub, and Bitwise's automated token portfolio product. The main market implication is that banks with stablecoin-related infrastructure may be better positioned, while Coinbase's tokenized-securities push is a developing setup.

• The Dallas Fed report models deposit tokenization causing faster deposit flight and potentially reducing bank interest-rate risk capacity by about $700bn.
• Choi argues the $700bn estimate is a worst-case scenario excluding hedging or borrowing responses.
• Deposit tokens differ from stablecoins because they are bank liabilities subject to bank regulation, deposit insurance, and interest.
• Coinbase launched tokenized stocks on its Base L2, targeting non-U.S. investors with Abu Dhabi as the token-securities hub.
• Bitwise introduced Automated Token Portfolios that follow model-based tokenized stock allocations in personal wallets, with additional trading and Glider platform fees.
• Banks with stablecoin payment or custody infrastructure are viewed as longer-term winners.