2025 Supervisors Symposium

Stablecoins vs Tokenized Deposits Industry Perspectives

Prepared For:

December 10 th , 2025

STRATEGIC RESOURCE MANAGEMENT | CONFIDENTIAL

U.S. Instant Payment Rails Overview

Mastercard Send (Move) Card Network (Mastercard) All Mastercard

Tokenized Deposits Private Blockchain JPM Coin (Kinexys) ~$1 Trillion (Flow) High (Pilot Scaling)

Feature

FedNow

RTP (TCH)

Visa Direct

Stablecoins

Card Network

Primary Rail

(Visa) Private Bank Rail New Federal Rail

Public Blockchain

Participants

~700+ Fis (US) ~1,400+ Fis (US)

Issuers All Visa Issuers

USDC, USDT ~$9 Trillion (Settlement)

~10 Billion (Global)

Not publicly disclosed

~750 Billion Annual Volume

~250 Billion

~2,000% (High growth/low base)

~38% (Steady mature growth)

YoY Growth

~20%

~40%

~50–80%

Global Payments , Remittance Varies (often ~$50k)

Global Payments Gig Economy, Disbursements

Global Payments Cross-Border, Remittance, B2B

Small B2B High Value

Large Corp B2B, High Value

Inst. Liquidity, Intraday

Best For

Very High (Institutional) Unlimited (Liquidity) Varies by Program

Max Limit

$10 Million

$10 Million

2

STRATEGIC RESOURCE MANAGEMENT | CONFIDENTIAL