What are Tokenized Deposit Networks?
Four companies are currently racing to develop tokenized deposit networks. The companies include The Clearing House Payments Co., The Cari Network, The Hazel Network, and The DTX Consortium. The Clearing House and Cari Network are being developed by the big banks. The Hazel Network is trying to create more of a niche by allowing customer deposits to convert into digital tokens and then issue, transfer, and redeem them as stablecoins. The DTX Consortium is being developed with a focus on community banks. Banks stand to benefit in different ways from each of these networks. Banks should not…
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