Leading financial institutions continue to explore blockchain technology to achieve more economical and faster institutional payment processes, showing an increasing interest in tokenization solutions.
On Tuesday, American investment bank JPMorgan and Singapore multinational bank DBS announced that they are jointly developing a blockchain-based tokenization framework aimed at enabling on-chain transfers within their deposit token ecosystems. The project is dedicated to establishing new industry standards for cross-bank digital payments.
This tokenization framework will allow the two financial institutions to facilitate instant payments on public and permissioned blockchain networks around the clock, providing their institutional clients with a broader range of cross-bank on-chain transaction services.
DBS stated that the new framework will allow the institutional clients of both banks to exchange or redeem tokenized deposits on public and permissioned blockchain networks and conduct real-time cross-border payments. The system is designed to operate around the clock, offering what DBS calls "24/7 availability" services.
This new interoperability framework emerges against the backdrop of growing institutional interest in tokenized financial solutions. These solutions are part of the broader tokenization of real-world assets (RWA) sector, aimed at bringing financial and physical assets onto the blockchain to enhance investors' asset acquisition capabilities.
According to a 2024 survey by the Bank for International Settlements (BIS), at least one-third of the surveyed commercial banks have initiated, piloted, or researched tokenized deposits.
Several top Swiss banks, including UBS, PostFinance, and Sygnum Bank, are also exploring blockchain-based interbank payment systems.
These institutions completed their first legally binding blockchain-based payment on September 16, demonstrating the technology's effectiveness for bank deposits and institutional payments.
Rachel Chew, Group COO of DBS's Global Transaction Services and Head of Digital Currency, pointed out that establishing an interoperability framework is crucial for reducing fragmentation in tokenized cross-border fund transfers.
Chew stated, "Our collaboration with JPMorgan to develop the interoperability framework is a significant milestone in the field of cross-border fund flows." She added that instant 24/7 payments will provide businesses with more "options, flexibility, and speed to navigate global uncertainties and seize emerging opportunities."
The announcement of this new framework coincides with JPMorgan completing its first transaction on its upcoming tokenization platform, Kinexys Fund Flow, two weeks ago, as reported by Cointelegraph on October 30.
The investment bank plans to launch its tokenization platform in 2026 and aims to tokenize more assets, including private credit and real estate.
JPMorgan and DBS are also major supporters of Patrior, a blockchain-based settlement network and payment platform that raised $60 million in funding in July 2024.
Related: Senate Committee Releases Draft of Cryptocurrency Market Structure Bill
Original: “JPMorgan and DBS Target Deposit Tokens, Aiming to Create Cross-Bank Stablecoin Alternatives”
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