1️⃣ Binance cannot issue tokenized deposits
Tokenized deposits = bank deposits brought onto the blockchain.
Still a liability of the bank.
Insured and regulated under banking rules (FDIC, Basel, etc.).
Binance is not a commercial bank:
Does not accept traditional deposits → cannot issue this product.
As of the latest information (March 2026), Binance has not launched tokenized bank deposits.
✅ Conclusion: Binance does not directly participate in the “tokenized deposits race” with Citi, BNY Mellon, or Standard Chartered.
2️⃣ Binance focuses on stablecoins + RWA tokenization
Stablecoins:
USDT + FDUSD +U account for a massive share of trading on Binance.
Advantages: flexible, operates 24/7 on public chains, usable in DeFi & payments.
Traditional tokenized deposits struggle to compete in terms of interoperability & crypto-native features.
RWA & tokenized assets on BNB Chain:
RWA TVL is growing rapidly, reaching billions USD.
Includes tokenized money market funds, Treasuries.
Partnership with Franklin Templeton: tokenized shares of money market funds used directly as collateral on Binance.
BlackRock, Ondo Finance, China Merchants Bank also tokenized, integrated on Binance Alpha.
Long-term plans:
Binance is considering reviving tokenized stock trading (paused since 2021).
Expanding RWA infrastructure on public chains to serve hundreds of millions of users.
✅ Conclusion: Binance is leading the “crypto-native” side, not the “banking” side.
3️⃣ Strategic position
Does not compete directly with banks.
Creates attractiveness for stablecoins & RWA → forcing banks to tokenize deposits to retain capital.
Binance Square & Binance Research continuously analyze “Stablecoins vs Tokenized Deposits.”
Binance captures liquidity & utility on the crypto side, while banks retain traditional control.
🔑 Summary
Banks (Citi, BNY Mellon, Standard Chartered): racing to protect control.
Binance: the challenger, leading stablecoin + public-chain tokenization, partnering with major funds, building infrastructure for hundreds of millions of users.
Result: Both will coexist, but Binance is the reason banks must pursue tokenized deposits.