JPMorgan Chase is exploring the use of a blockchain-based digital deposit token to facilitate faster cross-border payments and settlements, as reported by Bloomberg. While the bank has already developed most of the necessary infrastructure for the project, it will proceed with creating the actual token only if it receives approval from U.S. regulators, according to an unnamed source.
JPMorgan has previously utilized a digital token called “JPM Coin” for several years, allowing its corporate clients to transfer funds in dollars and euros across various accounts within the bank. The new initiative, however, could extend the use of such tokens to send money to clients at other banks and potentially enable the settlement of trades involving tokenized securities.
A spokesperson from JPMorgan Chase acknowledged the potential benefits of deposit tokens while emphasizing the need for regulatory caution. They stated, “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.
By FCCT Editorial Team
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