JPMorgan Expands into Deposit Tokens for Settlement: Report by Cointelegraph

JPMorgan, a prominent financial institution, is venturing further into the cryptocurrency realm with the introduction of a new blockchain-based solution designed for cross-border transactions, according to a Bloomberg report. However, the implementation of this system is contingent upon receiving regulatory approval in the United States.

The bank has reportedly developed much of the infrastructure needed to launch this new deposit token, which will initially be available to corporate clients aimed at expediting payments and settlements. Unlike stablecoins typically issued by private entities, these deposit tokens are created on a blockchain by a depository institution to signify a deposit position.