Tokenized Deposit and Deposit Token are not the same

Recent Lesson for myself:
"Deposit token" and "tokenized deposit" get used like synonyms. They're not.

Tokenized deposit: the deposit stays on the bank's core. The token is a digital pointer to it. Ownership can change hands on a ledger; settlement still happens off it.

Deposit token: the deposit is the token. Issued natively on a shared ledger as a bank liability.

When it moves, value moves. The ledger is the book of record.

Why it matters when you operate it:

Reconciliation. Every on-chain movement of a tokenized deposit triggers an off-chain matching. With a deposit token, the chain is the record.

Programmability. A deposit token can release value atomically (DvP, PvP, payment-on-event). A tokenized deposit needs more efforts (layered approach) to make it programmable because the money movement still rides original rails.

Cross-bank reach. Deposit tokens settle bank-to-bank via a unified ledger or interlinking arrangement (Partior, Project Agorá). Tokenized deposits don't move bank-to-bank without a separate clearing layer.

Kinexys and Citi Token Services are deposit tokens in the strict sense.