JPMorgan and Citi Tokenize Deposits Internally, Leaving Retail Users Behind

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Major Wall Street banks JPMorgan and Citi have been moving billions of dollars through tokenized deposits, but these transactions remain confined to transfers between their own institutional branches. The technology, which uses blockchain to represent traditional bank deposits as digital tokens, has so far been built exclusively for institutional clients rather than everyday consumers. Neither bank has extended tokenization capabilities to retail customers. A UK-based challenger bank is now preparing to change that dynamic by launching a tokenized deposit product aimed beyond institutional walls.

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