JPMorgan and DBS Explore Tokenized Deposit Interoperability in Quest for Multi-Bank Framework

Yahoo News · Nov 12, 2025

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JPMorgan and DBS Explore Tokenized Deposit Interoperability in Quest for Multi-Bank Framework

Key Takeaways

Starting with JPMorgan’s JPM Coin (JPMC) in 2019, a string of commercial banks have launched tokenized deposits in recent years. However, these systems currently operate in silos, only facilitating transfers between accounts at the same bank.

Hoping to bridge the divide between their respective platforms, on Tuesday, Nov. 11, JPMorgan and DBS announced plans to build a new interbank transfer framework for deposit tokens.

Commercial Bank Liabilities Move On-Chain

As tokenized deposits have gained traction, JPMorgan has emerged as a leading global player in this field. Building on the success of JPMC, the bank launched a second token, JPMD, earlier this year. While both tokens are issued via JPMorgan’s blockchain platform, Kinexys, they differ in design and application.

JPMC is strictly for internal settlement between JPMorgan accounts and is primarily used for corporate treasury management. On the other hand, JPMD was designed with a broader range of use cases in mind, potentially including interbank payments.

For its part, DBS has built a sophisticated token scheme that spans USD and SGD deposits. In an initial pilot, Ant International used DBS Treasury Tokens to power internal cross-border transfers.

JPMorgan and DBS Back Interoperability

DBS and JPMorgan make natural partners for exploring deposit token interoperability. DBS Token Services and Kinexys are both blockchain-agnostic, and the two banks have broad experience transferring value across diverse public and private networks.

They are also both involved in other initiatives that are developing interbank frameworks for tokenized deposits. As part of the Monetary Authority of Singapore’s (MAS) Project Guardian, DBS has participated in projects exploring interoperability between deposit tokens, stablecoins, and central bank digital currencies (CBDCs). It has also piloted blockchain-based euro transactions in partnership with Deutsche Bank.

Meanwhile, JPMorgan is involved in some of the most ambitious projects aiming to reduce friction between banks as the transition toward on-chain financial infrastructure. Alongside other major institutions, it is part of the Regulated Liability Network, an industry-wide initiative to build a shared ledger for tokenized deposits and central bank money. It has also joined a coalition of American banks exploring a joint stablecoin. Finally, at the international level, JPMorgan is involved in Swift’s ongoing blockchain experiments.

This article has been published in ccn.com via Yahoo News.