Global – October 15, 2026 -- Stablecoins, tokenized deposits and central bank digital currencies (CBDCs) can look identical in a banking interface, but they differ in issuer, holder claim, backing, redemption and behavior under stress, according to an analysis from CGI aimed at bank executives.
Stablecoins carry five stress-related risks for banks
The analysis credits stablecoins with proving demand for 24/7 value transfer, cross-border reach and programmable payment workflows. Under stress, however, a fiat-referenced stablecoin becomes a claim that depends on the issuer, reserve quality and liquidity, the custodian and the network. CGI lists five risks:
- Depeg risk
- Redemption and run risk
- Reserve liquidation risk
- Deposit displacement risk
- Singleness of money risk
Fragmented private tokens threaten the singleness of money
The singleness of money is the expectation that one pound, euro or dollar stays equal to one, whatever form holds it. A bank account balance, a stablecoin, a tokenized deposit and a tokenized money market fund may all appear cash-like, yet may not be equally trusted, redeemable or final. If money splits into private tokens with different issuers, reserves and redemption rights, the system risks becoming a marketplace of money-like claims, CGI argues.
Tokenized deposits keep client money on bank balance sheets
Tokenized deposits remain liabilities of the issuing bank. They add programmability without moving client money outside the banking model, and can support treasury movements, approved institutional transfers, internal liquidity management and controlled settlement within one institution.
The limit is interbank use: Bank A's tokenized deposit is not automatically Bank B's money, so settlement becomes the next question. CGI says wholesale CBDC and tokenized reserves may supply that trusted settlement layer.
Six simultaneous pressures drive adoption
CGI attributes adoption to slow, costly cross-border payments, demand for a tokenized cash leg for atomic settlement of tokenized assets, and central bank work on wholesale CBDC. Bank fears of deposit displacement and corporate expectations of real-time liquidity visibility add to the pressure.
CGI will examine interbank settlement in a follow-up blog and in a webinar titled "What profitable roles can banks play in the digital currency race?"