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An analysis published on August 25 by economists Rosie Levy and Srini Ramaswamy of the Federal Reserve Bank of Dallas is quietly sending ripples through the banking industry. Their assessment suggests that tokenized deposits—which major banks are racing to develop as a countermeasure to stablecoins—could ironically undermine the banks' own core functions. It should be noted that this analysis reflects the authors' personal views rather than the official position of the Dallas Fed.
