JPMorgan moves into deposit tokens for settlements: Report By Cointelegraph

Financial giant JPMorgan is making another move into the crypto space with a new blockchain-based solution for cross-border transactions, reveals a report by Bloomberg. The system, however, won’t be available until the bank receives the green light from regulators in the United States.

JPMorgan has reportedly developed most of the infrastructure to run the new deposit token, which will be first launched for corporate clients to speed up payments and settlements. Deposit tokens are issued on a blockchain by a depository institution to represent a deposit position. The solution contrasts with stablecoins, which are usually issued by a non-bank private entity.