JP Morgan does not intend to use the token as a replacement for stablecoins or for the purchase of cryptocurrencies.
American financial services giant JP Morgan is exploring a new type of token that will speed up its cross-border payments and settlements.Bloomberg that the multinational financial services firm has developed most of the underlying infrastructure needed to launch a deposit token. However, the firm is waiting for approval from U.S. regulators.A deposit token is a digital coin that serves as a deposit claim against a commercial bank.
If JP Morgan receives a regulatory nod, the bank may launch the token for corporate clients within a year. The firm is looking to make traditional settlements instantaneous and cheaper with the new product. “Deposit tokens bring plenty of potential benefits, but we also appreciate that regulators would want to be thoughtful and diligent before any new product gets developed and used. Should that appetite develop, our blockchain infrastructure would be able to support the launch of deposit tokens relatively quickly,” said a JPMorgan spokesperson.
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