Tokenization · JPMorgan · Wall Street · U.S. Treasury · CoinDesk
Why Wall Street giants build tokenization money for institutions, not regular consumers
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JPMorgan moves more than $3 trillion through its Kinexys blockchain platform, and Citi Token Services processes billions in cross-border payments daily.
Key facts
- Monument said it plans to tokenize up to 250 million pounds ($335 million) of retail customer deposits on Midnight
- JPMorgan moves more than $3 trillion through its Kinexys blockchain platform, and Citi Token Services processes billions in cross-border payments daily
- Treasury desks at major institutions are juggling three systems for the same job, said Jerald David, CEO of Lynq Network
- 99% of the banks in the world are like, 'Yeah, we're digital, we have an app!'," Bhandari said
Summary
JPMorgan and Citi process trillions of dollars through blockchain systems, but their tokenized payment services remain largely limited to institutional customers and permissioned networks. Monument Bank plans to tokenize up to 250 million pounds of interest-bearing retail deposits on Midnight, using zero-knowledge proofs to protect customer data while meeting regulatory requirements. The project aims to give consumers access to tokenized investments and lending through a conventional banking app without requiring them to understand or directly use cryptocurrency. “Is that moving the needle for the whole bank and for the consumer?