In my opinion, the bank's capital efficiency will not be higher. Because stablecoins are all "fully collateralized", they cannot generate a monetary multiplier effect. For example, if a bank issues stablecoins, the changes in its balance sheet might be: 1. Asset side: 1:1 reduction of reserve funds (in the era of excess reserves, simply reducing is sufficient) to purchase short-term debt (increase) 2. Increase stablecoins on both asset and liability sides 3. After sending stablecoins to the demand side, reduce stablecoins on the asset side and reduce bank deposits (demand side deposits) Or establish a dedicated subsidiary for issuing stablecoins. If so, its impact on the bank's balance sheet would be similar to and other companies. You will find that this does not generate a monetary multiplier like "loans": i.e., increasing loans on the asset side and increasing deposits on the liability side. Ultimately, the "loan" operation consumes only 0.0x% of bank reserves when increasing deposits, while stablecoin issuance consumes reserves in a real sense.

But what if what is issued is not a "fully collateralized" stablecoin, but a Tokenized Deposit representing the bank deposit itself?

Payment is not allowed, all others are commercial bill stablecoins