CBDCs, tokenised deposits, and stablecoins are moving from headlines to implementation. Here’s what banks need to know and how to prepare.
From Hype to Reality: The Rise of Digital Currencies
For years, digital currencies sat on the fringe, spoken of in crypto circles, debated by policymakers, and often dismissed by traditional banking as hype. But today, that’s no longer the case.
The digital currency landscape is evolving quickly. From retail Central Bank Digital Currencies (CBDCs) to institutional-grade tokenised deposits, the concept of “money” is being redefined. According to the Atlantic Council, more than 130 countries, representing over 98% of global GDP, are actively exploring CBDCs. Stablecoin circulation has doubled over the past 18 months, supporting daily volumes of $20–30 billion. New pilot programs are being implemented in real-world usage across Asia, Europe, and the Middle East.
In short: digital currencies are entering the banking mainstream.
Demystifying the Digital Currency Ecosystem
Let’s simplify the terminology and players shaping this future:
- CBDCs (Central Bank Digital Currencies)
Digital forms of sovereign money issued by central banks. They’re often held in wallets provided by commercial banks or intermediaries.
Examples: digital euro, e-CNY (China), eNaira (Nigeria). - Tokenised Deposits
Commercial bank money represented on a blockchain or DLT infrastructure. Unlike stablecoins, they retain the regulatory protections of traditional bank deposits but are digitally native and transferable.
Being piloted by banks like JPMorgan, DBS, and others under Project Guardian and Agora. - Stablecoins
Issued by private companies, these are pegged to fiat currencies and backed by reserves (to varying degrees). Some, like USDC, are gaining serious adoption in cross-border use cases. - TCBM (Two-tier Central Bank Money)
A hybrid model in which the central bank issues the base asset, while private banks distribute and manage the customer layer. It’s the preferred model for the ECB, MAS (Singapore), and Bank of England.
From Pilots to Production: Real-World Momentum
While tokenisation and digital currencies were once largely conceptual, today’s pilots are laying real foundations:
- Agora Project: A G7/BIS initiative involving 40+ commercial banks, testing tokenised deposits and wholesale CBDCs for cross-border settlement
- mBridge: A collaboration between China, the UAE, Thailand, and Hong Kong, live-testing a multi-CBDC network to settle payments in real time
- MAS Project Guardian: Singapore’s central bank is working with banks like JPMorgan and DBS on tokenised asset settlements.
- McKinsey Insight: Stablecoins now support over $30B in daily transaction volume, and tokenised money is flagged as a key enabler of next-generation payments
- World Economic Forum Report: Highlights how wholesale CBDCs can increase transparency, reduce settlement risk, and improve capital efficiency, especially in capital markets.
These are not theoretical exercises. These are strategic, cross-border, institution-led steps toward a multi-asset financial system.
How Tuum Enables Multi-Asset Core Banking
As banks prepare for this shift, one thing becomes clear: legacy systems are not built for digital currencies. They struggle with multi-asset accounting, fragmented integrations, and siloed data models.
Tuum takes a different approach.
Our modular, API-first core banking platform already supports CBDCs, stablecoins, and tokenised deposits as native currency types—alongside fiat. No workarounds. No parallel ledgers. Just one unified system designed for flexibility and regulatory alignment.
Here’s what sets Tuum apart:
- Multi-Asset Ledger Architecture
Support for digital currencies is built into the Tuum core platform. Each currency type, whether fiat, stablecoin, CBDC, or tokenised deposit, is treated as a distinct asset class, with its own identifiers, balance logic, and compliance profile. While Tuum is not built on blockchain technology and does not offer native blockchain integrations, the platform is architected to reflect digital currencies as ledger-native assets and supports integration with external blockchain-based systems through our standard orchestration APIs. - Flexible Currency Configuration
Banks can define and manage new digital currencies, such as eEUR, tokenised EUR, or USDC, within the platform’s currency catalogue, with custom rules and mappings. - Integrated Compliance & Controls
Apply KYC, AML, and monitoring policies at the asset level, ensuring regulatory coverage for both traditional and digital money types. - Unified Ledger, Unified Experience
All product logic (e.g. accounts, loans, payments) operates across asset types, enabling seamless support for digital currencies without fragmented user journeys. - Open APIs
Easily integrate with CBDC platforms, stablecoin issuers, or token networks using Tuum’s open APIs. Our ecosystem-ready architecture allows banks to connect to emerging value networks and digital currency platforms as needed, without modifying the core system.
It’s not a sandbox. It’s production-grade.
Tuum is already used by regulated banks operating in complex multi-market environments. Our architecture is built not just to handle today’s currencies, but to adapt dynamically to the digital money models of tomorrow.
A Quiet Transformation Banks Can’t Afford to Miss
Digital currencies won’t replace fiat overnight, but they are reshaping the foundations of finance. The shift isn’t about speculation or hype; it’s about how value will move, how trust is managed, and how financial institutions stay relevant in a multi-asset world.
Banks that wait risk being locked into yesterday’s infrastructure.
Banks that prepare now will lead the next era of innovation.
At Tuum, we’re enabling that readiness today.
Not with high-risk bets, but with modular, scalable infrastructure that adapts as the market evolves.
Across borders, currencies, and technologies, the rules are being rewritten.
Those ready to evolve will lead the new financial era.
With Tuum, the future is clear — banking without limits.
Want to explore how your core system can support digital currencies? Get in touch.