Fed Research Compares Wholesale CBDC Settlement With Tokenized Deposits

A Federal Reserve research paper has compared wholesale CBDC settlement with tokenized commercial bank deposits, adding another official research layer to the debate over how future digital money systems might operate.
The paper does not mean the Fed is launching a CBDC. It does not amount to an endorsement of crypto assets. It is research, and that distinction matters.
Still, the topic is important because banks, regulators, and payment networks are studying how tokenized deposits, wholesale ce