Tokenized deposits, generally often called deposit tokens, are blockchain representations of fiat foreign money financial institution deposits. They’re issued by banks, backed by fiat deposits at these banks, and might run on both non-public or public blockchains (though, since these are closely regulated entities, they’ll need full management of entry). In some circumstances, resembling with JPMorgan’s JPM Coin, they’re used to settle transactions between JPMorgan purchasers. In others, resembling SocGen’s EURCV, they are often transferred to purchasers who shouldn’t have accounts on the issuer financial institution, however solely after being whitelisted.
