Token Book: one ledger for bank tokens and stablecoins on a company balance sheet
A subledger that classifies, values and reconciles tokenized deposits and stablecoins held by one company. Controllers at crypto-native firms pay.
Crowded · HSBC RedCoin and SoFi SOFIE launch
Written for: Small startup team
Next step
Call the controller at a stablecoin payout firm such as BVNK. Ask how they would book SOFIE's 4.4% yield and FDIC claim next to their USDC, and how many token types they expect to hold by mid-2027.
Why now
A firm holding USDC, SoFiUSD, SOFIE and RedCoin holds legally different claims. One is an insured deposit, one is a bank-issued stablecoin, one is a nonbank stablecoin. Each has its own yield, insurance and counterparty exposure. Crypto subledgers were built for crypto assets, not deposit tokens. This builds on our recent SoFi tokenized-deposit trend card, but that card was about banks competing. This one is the books of whoever holds the tokens.
What became possible
Bank-issued tokens are now live for the public. HSBC's RedCoin reached more than 3 million app users. SoFi's SOFIE is an FDIC-insured tokenized deposit paying 4.4% APY that converts to SoFiUSD. BLOOM added Thailand and Malaysia, with Ripple, Visa and Mastercard involved. Polygon now holds US money transmitter licenses.
Two ways in
- Token Book
Connects to wallets and bank token accounts. Tags each position by legal type (deposit, bank stablecoin, nonbank stablecoin), accrues yield, reconciles onchain balances to issuer statements, and exports journal entries.
- Customer
- Controllers at stablecoin payout firms and crypto exchanges holding several tokens
- Model
- Monthly SaaS priced by number of wallets and issuers
- Issuer Exposure Sheet
A daily report of exposure by issuer and how much of each balance is insured, to go in treasury committee packs.
- Customer
- Treasurers at fintechs holding float in tokens
- Model
- Add-on tier
Competition
The risk is that this looks like a feature, not a company. Cryptio is building Treasury Management, Kyriba already handles USDC, and any incumbent could add issuer tags and an exposure report quickly. A realistic path is to sell the exposure and classification layer as an add-on that sits on top of existing subledgers, or to target fintech treasurers, who buy differently from crypto-native controllers. The other path is to move fast on tokenized deposits from specific banks, where the incumbents look thin. That thinness is based only on what these searches returned and should be checked against their product pages.
Full competition notes (6 competitors)
The main Token Book idea is already sold by well-funded companies. Cryptio, TRES under Fireblocks, Bitwave, Cryptoworth and CoinTracker all connect wallets, reconcile onchain balances and export journal entries to ERPs, and Bitwave and Cryptoworth market directly to stablecoin payout firms and PSPs. A new entrant will not win on the generic subledger. The narrower angle may still be open. In these searches I found no vendor that clearly sorts holdings by legal type: tokenized bank deposit, bank-issued stablecoin, or nonbank payment stablecoin under the GENIUS Act. I also found none that reconciles token balances against issuer or bank statements, or reports how much of each balance is insured or reserve-backed, issuer by issuer. That is what the Issuer Exposure Sheet would do. The GENIUS Act takes effect around January 2027, with monthly attested reserve reports, and bank tokenized deposits are spreading. Both should create demand from treasury committees and auditors for concentration and insurance reporting by issuer. The risk is that this looks like a feature, not a company. Cryptio is building Treasury Management, Kyriba already handles USDC, and any incumbent could add issuer tags and an exposure report quickly. A realistic path is to sell the exposure and classification layer as an add-on that sits on top of existing subledgers, or to target fintech treasurers, who buy differently from crypto-native controllers. The other path is to move fast on tokenized deposits from specific banks, where the incumbents look thin. That thinness is based only on what these searches returned and should be checked against their product pages.
- Cryptio
Enterprise digital-asset ERP and subledger. It reconciles onchain and offchain data across chains, exchanges and custodians, and its records support Big Four audits. Cryptio says it serves over 400 enterprises, including Circle, Gemini, SG Forge and Securitize. It raised a $45M Series B in March 2026 to add Treasury Management and other apps.
- TRES Finance (Fireblocks)
Crypto accounting platform that Fireblocks bought in January 2026 for a reported $130M. It tracks balances, flows and exposures across wallets, chains and custodians and feeds them to GLs and ERPs. It has more than 230 clients, including Wintermute and Bank Frick. Owning the wallet layer gives Fireblocks a built-in sales channel.
- Bitwave
Digital-asset subledger that markets directly to stablecoin payout firms and neobanks, focused on reconciliation and ERP journal entries. It has published guidance on how the GENIUS Act affects finance and accounting teams.
- Cryptoworth
Crypto subledger that maps journal entries to the chart of accounts and syncs to NetSuite, QuickBooks, Xero and Pennylane. It is targeting PSP and MSB stablecoin reconciliation through a partnership with DualEntry.
- CoinTracker Enterprise
Markets a crypto subledger product to businesses alongside its consumer tax tools.
- Kyriba
Incumbent treasury management system that added USDC through a partnership with Circle, available from June 2026. It brings stablecoin liquidity into corporate treasury policy and reporting, which puts it in the treasurer-facing space the Issuer Exposure Sheet idea targets.
Checked 2026-10-24
Risks
- Companies still hold few bank tokens. RedCoin and SOFIE are aimed at consumers first
- Issuers may ship their own reporting
- Accounting guidance for tokenized deposits is unsettled, so the classification rules may change
- Crowded with existing crypto accounting tools if they extend quickly
Strong team fit; market pull is the weak point (5).
tech 8 · pull 5 · space 6 · fit 9 · build 7
Exposed
Companies that could benefit or be threatened. News and context, not investment advice.
Momentum of its main topic
Sources
- HSBC launches first stablecoinFinextra
- HSBC rolls out its first stablecoin to over 3 million everyday app usersCoinDesk
- SoFi launches tokenised depositsFinextra
- SoFi launches interest-bearing, FDIC-insured tokenized deposit for crypto usersThe Block
- Thailand and Malaysia back Singapore's BLOOM cross-border digital money initiativeFinextra
- Singapore, Malaysia and Thailand central banks expand cross-border stablecoin initiative involving Ripple, Visa and MastercardThe Block
- Polygon Secures US Money Transmitter LicensesPYMNTS
Status history
- 2026-10-24 Flagged as buildable