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JPMorgan’s blockchain division, Kinexys, is collaborating with DBS Bank to establish an interoperability frameworkthat will enable seamless transfer of tokenized deposits across multiple blockchain networks.
This development follows JPMorgan’s commercial rollout of its deposit token, JPM Coin, on Coinbase’s Base blockchain network—marking a significant milestone in the evolution of blockchain-based banking. Each JPM Coin represents a digital equivalent of a commercial bank deposit, offering a regulated, bank-backed alternative to privately issued stablecoins.
Early trial participants include B2C2, Mastercard, and Coinbase, highlighting growing institutional interest in blockchain-based financial settlements.
The collaboration with DBS aims to demonstrate real-world cross-bank settlement use cases, showcasing how tokenized deposits can streamline and secure on-chain payments between financial institutions.
For instance, a JPMorgan institutional client could initiate payment to a DBS institutional client using JPMorgan Deposit Tokens (JPMD) on the Base blockchain, with the recipient able to redeem or convert the tokens through DBS Token Services for equivalent value.
Naveen Mallela, Global Co-Head of Kinexys, emphasized the importance of collaboration in advancing tokenized finance:
“Working with DBS on this initiative is a clear example of how financial institutions can collaborate to unlock the benefits of tokenized deposits for institutional clients while preserving the singleness of money and ensuring interoperability across markets.”
The initiative underscores a shared commitment by JPMorgan and DBS to build the next generation of interoperable, regulated blockchain infrastructure, paving the way for cross-border, on-chain financial innovation.
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