HSBC is advancing its tokenized deposit initiatives, which could significantly surpass the scale of current cryptocurrencies if only 5% to 10% of commercial bank deposits are tokenized, according to Sun Lei, Global Director of Local and Innovative Payment Products at HSBC Global Payments Solutions. The bank's private blockchain technology is compatible with Ethereum's EVM/ERC-20 standards, and public blockchain technology may be considered for certain scenarios. Additionally, HSBC is in discussions with clients regarding programmable applications and implementation paths for tokenized loans.