As big companies move cash management to blockchain-based on-chain systems, building joint infrastructure among banks is emerging as a key task. Companies appear to prefer bank-backed digital assets over non-bank stablecoins, placing importance on counterparty reliability and regulatory compliance as well as faster settlement.

American Banker reported on Oct. 5 that a roundtable involving 10 participants including payments executives, corporate treasury officials and market infrastructure figures highlighted a view of blockchain less as a speculative tool and more as a back-end ledger technology to streamline corporate cash management.

One company moved $2 million (2.69 billion won) between six global entities to secure tax advantages. It said the transfer took 6 to 8 days on existing payment networks, but was completed in minutes using stablecoins, leaving an audit trail that is difficult to alter.

Participants said tokenised deposits and stablecoins are likely to split roles in corporate finance. Tokenised deposits would serve as "money in storage" with safety and returns, while stablecoins would link "money in transit" across different networks. In business-to-business transactions, automation and programming functions using smart contracts were seen as more valuable than speed itself.

A concern is if banks each build separate, closed ledgers. Networks that are not connected would have limited use, and the need to link with cross-chain messaging and central bank clearing systems could also reduce efficiency relative to initial investment. Participants proposed, as an alternative to acquiring individual fintechs, that multiple banks pool capital to build shared infrastructure.

As settlement speeds up, earnings from idle funds that banks previously captured during multi-day settlement processes are also expected to shrink. That is because tokenised money market funds have begun to offer near real-time returns on idle corporate cash.

Roundtable participants said comprehensive digital asset legislation could be delayed for a long time due to political conflict and concerns among regional banks. They said banks should, in the meantime, secure interoperable tokenised deposit infrastructure by leveraging strengths such as foreign exchange and liquidity management and regulatory trust.