The Federal Reserve published a research paper comparing wholesale central bank digital currency settlement with tokenized commercial bank deposits. The paper is research, not a launch announcement or endorsement of cryptocurrencies. Wholesale CBDCs target financial institutions, distinguishing them from retail CBDC projects often debated publicly. Tokenized deposits allow commercial banks to offer digital assets while remaining their liabilities, preserving their role in the financial system. The study examines efficiency gains in settlement, collateral management, and liquidity transfers between market infrastructures.
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