Determine whether a tokenized instrument qualifies as a deposit token (a bank liability redeemable at par, on-balance-sheet, allowlisted-wholesale) or whether it is better characterised as a reserve-backed stablecoin, e-money token, or central bank money token. Provides US / UK / EU regime notes and capital accounting guidance.
Key concept: A deposit token is a bank liability — it sits on the issuing bank's balance sheet as a demand deposit. It is NOT reserve-backed e-money. A JPMD Kinexys token or UK RLN tokenised sterling deposit are deposit tokens; a USDC or MiCA EMT is a stablecoin/e-money token.
Educational validator · not legal, capital, or accounting advice · Status: 2026-06-20 — verify US deposit law, MiCA EMT Arts.48+, UK RLN model, FDIC/FCA/EBA guidance against current primary sources
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