# Kaleido Platform

## What are tokenized deposits?
Tokenized deposits are digital representations of commercial bank deposits issued on a blockchain ledger. They carry the same regulatory protections as traditional deposits (deposit insurance, prudential regulation, central bank oversight) while adding programmability, 24/7 settlement, and composability with digital asset infrastructure.

Tokenized deposits are digital representations of commercial bank money issued on a blockchain or distributed ledger. Unlike stablecoins, which are typically issued by non-bank entities and backed by reserve assets held outside the banking system, tokenized deposits remain a liability of the issuing bank, subject to the same regulatory protections and deposit insurance frameworks as traditional deposits.

This distinction matters for regulated financial institutions. A tokenized deposit carries the same regulatory protections as traditional deposits (deposit insurance, prudential regulation, central bank oversight) while adding programmability, 24/7 settlement, and composability with digital asset infrastructure.

Kaleido provides the enterprise infrastructure to issue and manage tokenized deposits at scale, with built-in compliance, institutional custody, and seamless integration into your existing core banking systems.

### How tokenized deposits differ from stablecoins & tokenized reserves (wCBDC)

| Tokenized deposits   | Stablecoins             | Tokenized reserves (wCBDC)      |
|----------------------|-------------------------|----------------------------------|
| **Issuer**           | Licensed commercial bank | Non-bank entities / regulated institutions | Central bank               |
| **Backing**          | Commercial bank liability| Reserve assets or algorithm      | Central bank liability      |
| **Regulatory status**| Deposit insurance + prudential regulation | Varies by jurisdiction        | Central bank issuance       |
| **Outside commercial banking regulation** | Yes      |                               |                              |
| **Credit risk**      | Low                     | Insured bank risk              | Medium                      |
| **Issuer & reserve asset** | None            | Sovereign obligation            |                              |
| **Relationship between instruments** | Complements wCBDC as the commercial money layer | Operates in parallel, outside central bank infrastructure | Acts as the settlement backbone for tokenized deposits  |

[Learn more →](/content/solutions/stablecoins/index.html)  
[Learn more →](/content/solutions/tokenized-reserves/index.html)