American financial services giant JP Morgan is exploring a new type of token that will speed up its cross-border payments and settlements.
People familiar with the matter told 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.
JP Morgan to Launch Deposit Token
A deposit token is a digital coin that serves as a deposit claim against a commercial bank. They act as digital versions of the deposits held in customers’ accounts. The token may first be denominated in dollars and then become available in other fiat currencies over time.
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.
If JP Morgan receives a regulatory nod, the
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