HSBC will offer tokenized deposit services to clients in the United States and the UAE

According to Bloomberg, HSBC Holdings Plc will launch its tokenized deposit service for corporate clients in the United States and the United Arab Emirates in the first half of next year.

Manish Kohli, head of global payments solutions at HSBC, stated that the tokenized deposit service allows clients to make domestic and cross-border fund transfers in seconds around the clock, without being limited to business hours. This system helps large enterprises manage liquidity more efficiently. HSBC's tokenized service has already been launched in Hong Kong, Singapore, the UK, and Luxembourg, and currently supports transactions in euros, pounds, dollars, Hong Kong dollars, and Singapore dollars. Kohli mentioned that when the service expands to the Middle East next year, the UAE dirham will be added.

According to Kohli, HSBC plans to expand the application scenarios of tokenized deposits in programmable payments and autonomous treasury, which utilize automation and artificial intelligence to independently manage cash and liquidity risks. Additionally, HSBC is also exploring the stablecoin industry and is currently in discussions with several stablecoin issuers to provide reserve management and settlement account services.