Major global institutions and asset managers are not waiting for a single stablecoin to dominate the market. Instead, they are pushing for a regulated, interoperable infrastructure that allows seamless movement between deposit tokens and money market funds (MMFs), according to Thomas Eichenberger, Chief Strategy Officer at digital asset bank Sygnum.
Institutional Demands Are Clear
Speaking with CoinDesk, Eichenberger outlined that institutional clients are calling for a hybrid infrastructure that enables the interchange of stablecoins, deposit tokens, and MMF tokens within a clear regulatory framework. This approach would allow large corporate treasury departments to conduct 24/7 cross-border payments while maintaining immediate access to liquidity and interest income.
The demand reflects a pragmatic shift in institutional thinking. Rather than betting on a single digital asset to become the industry standard, these players are prioritizing flexibility and compliance. They want the ability to move capital between different tokenized instruments without friction, all within a trusted regulatory environment.
Why Interoperability Matters Now
The push for integrated infrastructure comes as tokenization of real-world assets gains momentum. Deposit tokens represent a digital form of commercial bank money, while tokenized money market funds offer a regulated way to earn yield on cash holdings. For corporate treasuries managing large sums across borders, the ability to switch between these instruments in real time could significantly improve capital efficiency.
Eichenberger emphasized that institutions are not interested in waiting for regulatory clarity around a single stablecoin. They want a system that works today, within existing frameworks, and that can adapt as the market evolves.
Implications for the Broader Crypto Ecosystem
This development signals a maturation of the digital asset space. Institutional adoption is no longer about speculative trading or holding Bitcoin as a hedge. It is about building practical, regulated financial infrastructure that competes with traditional banking systems.
If major asset managers and corporations succeed in pushing for this hybrid model, it could accelerate the adoption of tokenized assets across the financial industry. It also puts pressure on regulators to provide clear guidelines for deposit tokens and MMF tokens, which currently operate in a gray area in many jurisdictions.
Conclusion
The message from Sygnum’s CSO is clear: institutions are ready for tokenized finance, but they want it on their terms. Interoperability, regulatory compliance, and real-time functionality are non-negotiable. The industry should take note—this is not about picking winners, but about building the rails that allow all digital assets to coexist.
FAQs
Q1: What are deposit tokens?
Deposit tokens are digital representations of commercial bank money that can be used for payments and settlements on a blockchain or distributed ledger, typically within a regulated framework.
Q2: Why do institutions prefer interoperability over a single stablecoin?
Institutions value flexibility and risk management. Interoperability allows them to move between stablecoins, deposit tokens, and money market funds as needed, without being locked into a single asset or platform.
Q3: How does this affect corporate treasury operations?
Integrated infrastructure enables 24/7 cross-border payments, immediate liquidity, and the ability to earn interest on cash holdings—all within a regulated environment, improving efficiency and reducing operational risk.
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