HSBC to bring tokenized deposits to US and UAE as stablecoin race heats up

HSBC is the latest megabank to double down on tokenized deposits versus stablecoins by preparing for new launches in the US and the UAE next year.

Global megabank HSBC is doubling down on tokenization over stablecoins as global banks rush to keep pace in the stablecoin race.

HSBC Holdings will start offering tokenized deposits to its corporate clients in the US and the United Arab Emirates in the first half of 2026, according to a Bloomberg report on Tuesday.

The Tokenized Deposit Service (TDS) by HSBC enables clients to send money domestically and abroad in seconds around the clock, said Manish Kohli, HSBC’s global head of payments solutions.

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