According to CoinDesk, Anchorage Digital, a U.S. federally regulated crypto bank, has launched a tokenized deposit platform designed to help traditional banks issue and manage blockchain-based tokenized deposits. The platform enables banks to offer 24/7 payment and settlement services without replacing their existing core banking systems.
The mechanism works by creating on-chain mirrored tokens for customer deposits while the underlying funds remain in the bank's traditional deposit accounts. Anchorage Digital provides blockchain infrastructure, wallet management, and smart contract technology, while banks maintain customer relationships and custody of deposits. CEO Nathan McCauley stated that multiple banks currently in partnership are exploring the implementation of tokenized deposits.
The platform is designed as a layer that runs in parallel with existing bank infrastructure, rather than requiring institutions to migrate to a completely new system, thereby reducing migration costs and operational risks. As a federally regulated crypto bank, Anchorage Digital's new platform offers traditional banks a low-barrier entry point to blockchain, potentially driving real-time and transparent payment settlements.