Patrick Mollard, Co-founder and CEO of Fipto, shares more about how tokenised deposits are about to become stablecoins’ biggest growth catalyst.
As recently as two years ago, traditional finance viewed stablecoins with open suspicion. Today, the establishment is actively building on their underlying technology.
In Washington, the Trump administration increasingly frames dollar-backed stablecoins as a strategic tool to reinforce the greenback’s status as the global reserve currency. In Frankfurt, the ECB’s Eurosystem Pontes initiative is testing central bank money settlement for wholesale tokenised assets. Meanwhile, global banking heavyweights like JPMorgan, Citi, and HSBC are tokenising customer deposits. Far from eliminating stablecoins, these tokenised deposits are about to become their biggest growth catalyst.
Breaking out of banking solos
In simple terms, a tokenised deposit allows a bank to represent client deposits on a blockchain to accelerate transfers. It changes the delivery mechanism, not the underlying credit risk.
For corporate treasurers, the immediate utility is obvious. A multinational managing liquidity across twenty subsidiaries through a single tier-one bank can use tokenised deposits for instant cash pooling, internal sweeping, and intercompany settlements around the clock.
Within a single banking ecosystem, tokenised deposits are fast and efficient. But corporate treasury does not exist in a single-bank vacuum: a parent company in Europe might bank with one institution, its Asian subsidiary with another, and a supplier in Brazil or India with a local provider. Tokenising isolated banking silos does not automatically make them communicate.
This is where stablecoins retain a fundamental advantage. They act as neutral, open-architecture bridging assets between naturally disconnected systems. They link bank accounts, public blockchains, and local payment rails without requiring every party to hold an account at the same financial institution.
For specific internal treasury flows, tokenised deposits can be highly efficient. But when paying international suppliers, connecting multiple currencies, or relying on local rails, stablecoins remain far more flexible today. Their success hinges not merely on the underlying technology, but on their ability to circulate freely.
The reputational barrier has collapsed
The real breakthrough, however, is psychological.
Historically, the primary obstacle to corporate stablecoin adoption was neither purely technical nor regulatory - it was bank relationship management. For a CFO or Group Treasurer, adopting digital-asset payment rails meant risking fierce pushback from primary lending banks who viewed the technology with skepticism. The fear of damaging that relationship was often enough to halt projects entirely.
That barrier is now falling.
When major institutions launch tokenised deposits, join stablecoin projects, or build infrastructure to connect tokenised assets, tokenisation stops being a fringe experiment. It becomes institutional standard practice.
By validating the underlying rails, banks have unwittingly handed CFOs permission to use programmable money. The debate shifted overnight from 'Should we use tokenised financial rails?' to 'Which tokenised instrument is optimal for this specific transaction?'
And this gave stablecoins the one element they still lacked: institutional normalisation.
Europe’s real test: orchestration over isolation
The challenge for Europe is to foster the coexistence of several forms of tokenised money and organise their interoperability.
MiCA regulation already provides a framework for euro-denominated stablecoins, championed by licensed actors like Fipto. For corporate treasurers, the priority remains simple: move capital fast, control costs, pay in the target currency, and operate within a transparent regulatory framework.
The future corporate balance sheet will be hybrid. High-volume, single-bank internal transfers will run on tokenised deposits; vendor payouts, cross-border settlement, and multi-bank operations will run on regulated stablecoins.
The coming contest in global finance will not be stablecoins versus tokenised deposits. It will be won by the orchestration layers and payment infrastructures capable of moving value from one network to another.
On that front, stablecoins hold a decisive lead.
About author
Patrick Mollard is co-founder and CEO of Fipto, the leading regulation-first B2B stablecoin payment infrastructure. A graduate of EDHEC, Patrick worked in M&A consulting (ABN AMRO, RBS) and Corporate Finance (Groupe Casino) before taking part in the creation of an M&A consultancy firm. Patrick then joined a fintech company as the CFO before becoming COO until 2022. Convinced by the transformative power of blockchain technology, Patrick co-founded and became CEO of Fipto in 2022.
About Fipto
Fipto is the modern infrastructure for B2B payments and treasury, powered by stablecoins. Fipto enables global companies to send, receive, and manage funds with near-instant settlement and 24/7 availability. By facilitating global money movement with regulated, programmable infrastructure, Fipto helps businesses optimise capital mobility and transparency. www.fipto.com.
