JP Morgan is reportedly exploring the development of a blockchain-based deposit token to accelerate cross-border payments and settlements. JP Morgan does not intend to use the token as a replacement for stablecoins or for the purchase of cryptocurrencies. While stablecoins are designated for settlements in the crypto sector, deposit tokens serve similar functions in the traditional financial system. The deposit token is envisioned as being a digital coin representing a deposit claim against a commercial bank.
JP Morgan Explores Blockchain-Based Deposit Token for Faster Cross-Border Settlements