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 <h2 id="deposit-token-vs-stablecoin">Deposit Token vs. Stablecoin</h2> 
 <p><span style="font-weight: 400">Unlike stablecoins, usually issued by non-banking entities, a depository institution will issue JPMorgan’s deposit token. Additionally, the deposit token diverges from the bank’s </span><span style="font-weight: 400">existing</span><span style="font-weight: 400"> JPM Coin.</span></p>  
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 <p><span style="font-weight: 400">The latter only enables transactions within JPMorgan, whereas the new token will allow transactions with other banks. Moreover, it will be suitable for various <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a>-based settlements, including trades in tokenized securities.</span></p> 
 <h2 id="compliance-and-regulatory-hurdles">Compliance and Regulatory Hurdles</h2> 
 <p><span style="font-weight: 400">JPMorgan has already laid most of the groundwork for this innovation. Last year, the deposit token was piloted in a collaborative project by the Monetary Authority of Singapore. Like JPM Coin, the new token will adhere to </span><span style="font-weight: 400">compliance measures</span><span style="font-weight: 400">. Hence, all transactions will go through know-your-customer and anti-fraud processes.</span></p>  
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 <p><span style="font-weight: 400">A spokesperson for JPMorgan emphasized the bank’s cautious optimism;</span></p>  
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 <blockquote> 
  <p><span style="font-weight: 400">“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,” they said.</span></p> 
 </blockquote> 
 <p><span style="font-weight: 400">This development adds another layer to the ongoing competition among crypto tokens to speed up financial settlements. Besides JPMorgan, PayPal recently </span><span style="font-weight: 400">launched its stablecoin</span><span style="font-weight: 400">, PYUSD, to get a slice of the pie. Consequently, established players like Circle are broadening the reach of their offerings to stay competitive.</span></p> 
 <p><span style="font-weight: 400">According to Umar Farooq, CEO of JPMorgan’s web3 arm Onyx, deposit tokens on public <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a>s are “the next step in the evolution of digitized commercial bank money.”</span></p> 
 <p><span style="font-weight: 400">JPMorgan’s move into <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a>-based deposit tokens isn’t just a leap forward for the bank but also a significant marker for the financial industry. Although the system will be operational once regulatory approval is obtained, JPMorgan’s readiness suggests that the impact on cross-border transactions could be transformative once the green light is given.</span></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/jpmorgan-forges-ahead-with-blockchain-deposit-tokens-tbt61977.html">https://thebittimes.com/jpmorgan-forges-ahead-with-blockchain-deposit-tokens-tbt61977.html</a></p>

JPMorgan Forges Ahead with Blockchain Deposit Tokens

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