JPMorgan moves into deposit tokens for settlements: Report

JPMorgan developing infrastructure for new deposit token for bank settlements
Token allows settlements between banks for corporate clients
System won't launch until approved by US regulators
Deposit tokens represent deposit position, differ from stablecoins
New token shares compliance processes with JPM Coin
Token piloted in one transaction last year in Singapore project
JPMorgan moves $10 trillion in transactions daily
Bank previously voiced support for deposit tokens over stablecoins, CBDCs
Expands JPMorgan's blockchain solutions, adds competition for stablecoins
Comes as PayPal launched stablecoin for faster settlements

cointelegraph.com

Relevant topic timeline:

9/8/2023

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9/28/2023

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9/28/2023

Banks Test Tokenization of Assets on Private Blockchains While Public Networks Await Regulatory Clarity

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