2025 Regulatory Summit

CSBS Appendix

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LEVEL SET Level setting on nomenclature

Stablecoins

Cryptocurrencies

Tokenized Bank Deposits

• Designed to maintain a stable value relative to a reference asset (e.g., USD, EUR, gold)

• Digital or virtual currency that uses cryptography for security • Operates on a decentralized blockchains • Generally higher volatility

• A digital representation of traditional bank deposits; backed by fiat currency • Less volatile than cryptocurrencies • Improves settlement efficiency, transparency, and digital finance integration

• Intended to maintain low volatility • Payment Stablecoins - designed for payment or settlement purposes

Example Definition

• USDC (Circle)

• Bitcoin, Ethereum, Litecoin

• Citi Coin, JPM Coin

RWA (Real World Asset) Tokens

Digital Securities

CBDCs

• Digital form of a country's fiat currency, issued and regulated by the central bank • Designed to be as stable as existing fiat currency

• Tokenized representations of traditional securities (stocks, bonds) on a blockchain • Reflects volatility of underlying assets represented

• A digital asset that represents a utility, ownership, or access right on a blockchain • Volatility varies depending on token purpose

• Utility tokens, governance tokens, NFTs

• Tokenized stocks, bonds, real estate

• Digital Yuan (China), e-krona (Sweden)

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Example Definition