STABLECOINS, TOKENIZED DEPOSITS, AND CBDCS AREN'T COMPETING, THEY'RE CONVERGING

Summary from the TLDR Crypto newsletter

Stablecoins, tokenized deposits, and wholesale CBDCs serve distinct roles but are converging on a shared onchain financial infrastructure. Stablecoins (e.g., USDC) power global payouts and treasury ops for startups and SMBs, tokenized deposits from banks like JPMorgan offer regulated USD rails for corporates, and CBDCs provide 24/7 settlement with zero credit risk for institutions. With the GENIUS Act unlocking regulatory clarity, Global Systemically Import Banks (GSIBs) are embracing all three formats as complementary rails, making TradFi backward-compatible with DeFi. The result isn't a winner-take-all, it's a unified digital money stack.