Tokenized Deposits: Opportunities, Risks, and Regulatory Challenges in the Digital Financial System

This thesis examines the emerging phenomenon of tokenized deposits, digital financial instruments based on blockchain technology, and their potential impact on the banking system and the global financial ecosystem. Following a brief historical and technological introduction, the relationship between tokenized deposits, central bank digital currencies (CBDCs), and stablecoins is explored, highlighting their role in the evolution of the digital financial system. The focus then shifts to the European regulatory framework, analyzing the main regulatory challenges and risks for consumers, banks, and systemic stability. Finally, future regulatory perspectives are examined, with a focus on potential implications for central institutions and emerging models, such as the German approach. The objective of the thesis is to contribute to the understanding of the opportunities and risks associated with the adoption of tokenized deposits, offering insights useful for developing an appropriate and sustainable regulatory framework for the sector.