Join Delphine Forma, Head of Policy at Solidus Labs, as she sits down with Mai Kaneko, International Business Lead at DCP — the company behind the DCJPY Network, Japan's multi-bank tokenised deposit infrastructure.

They explore one of the most consequential and least understood developments in digital finance — the rise of tokenised deposits as a distinct and complementary form of digital money. Drawing on Japan's position as one of the first markets where tokenised deposits are becoming a commercial reality, Mai brings a rare insider perspective on what it takes to build shared financial infrastructure across competing banks, regulators, and borders.

They discuss:

• the landscape of digital money today — stablecoins, CBDCs, tokenised deposits, and tokenised e-money — and where tokenised deposits fit within it
• the fundamental differences between tokenised deposits and stablecoins from a legal, balance sheet, and risk perspective
• whether stablecoins and tokenised deposits are competing models or serve distinct functions and users within the financial system
• what made Japan one of the first markets where tokenised deposits are becoming commercially real — and whether Japan's approach is replicable elsewhere
• what the DCJPY Network does and where DCP sits within Japan's digital asset ecosystem
• how DCP's Electronic Payment Service Provider licence under Japan's Payment Services Act shapes its role — and why that licence was foundational to building the network
• why DCJPY is built as a multi-bank network rather than a single-bank solution — and why that design choice matters
• where the strongest commercial demand for tokenised deposits is coming from today
• which use cases — from security token settlement to environmental value certificates — best demonstrate the real-world value of tokenised deposits
• how programmability changes the way transactions are executed and settled — with a concrete example
• how DCP bridges Japanese Yen tokenised deposits to multi-currency international networks through partnerships like Partior
• whether the biggest challenge for cross-border interoperability is technology, regulation, or market participant alignment
• where the global digital money market is heading — convergence around a common model, or coexistence of multiple forms
• one piece of advice for regulators and one for financial institutions considering tokenised deposits

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