HSBC is advancing its tokenized deposit business, with its private chain now compatible with Ethereum's EVM and the ERC-20 standard, according to Sunny Sun, Global Director of Local and Innovative Payment Products at HSBC. Sun highlighted that even a small percentage of tokenized commercial bank deposits could surpass the scale of existing cryptocurrencies. The bank is also exploring the use of public chain technology for specific scenarios and is in talks with clients about potential tokenized lending applications.