JPMorgan and DBS Bank Collaborate on Cross-Chain Tokenised Deposit Framework
- JPMorgan and DBS Bank are developing a framework for institutional clients to move tokenised deposits across different blockchain networks.
- The system will link DBS Token Services with JPMorgan’s Kinexys Digital Payments project, enabling cross-bank, cross-chain settlements.
- Both banks currently support instant payments within their own blockchain systems.
- Roughly one-third of banks globally are exploring or have implemented tokenised deposit projects, according to the Bank for International Settlements (BIS).
- JPMorgan recently issued a USD deposit token on Coinbase’s Base blockchain, enhancing its presence in DeFi.
This collaboration aims to enhance the interoperability of digital deposits between financial institutions while maintaining the integrity of money across markets.
The partnership between JPMorgan and DBS reflects a significant movement towards seamless digital transactions, as evidenced by the fact that about one-third of banks are now involved in tokenised deposit initiatives.
