It's not a tokenized deposit. That is really powerful because stable coins are 24/7, but they can exist outside of your walls of your institution versus if you look at what Swift's done, the Swift ledger is a way to sort of coordinate all of like HSBC and City Bank's tokenized deposits in in USD. So as I look out, I sort of see two competing models here. Is like the Swift system with the Swift ledger and tokenized deposits that's uh potentially at scale
That is really powerful because stable coins are 24/7, but they can exist outside of your walls of your institution versus if you look at what Swift's done, the Swift ledger is a way to sort of coordinate all of like HSBC and City Bank's tokenized deposits in in USD.