JPMorgan says regulators outside US appear to prefer tokenized bank deposits over stablecoins
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最新报道：Global regulators, including the Bank of England, increasingly favor tokenized bank deposits over stablecoins for digital finance, according to JPMorgan analysts. BOE Governor Andrew Bailey recently expressed preference for banks offering tokenized deposits rather than issuing stablecoins, signaling a broader regulatory trend. Tokenized deposits, recorded on blockchain, retain traditional banking protections while gaining programmability. Analysts note regulators likely support non-transferable versions to preserve the "singleness of money," avoiding price fluctuations seen with stablecoins during past crises. Despite stablecoins' current dominance due to liquidity advantages, JPMorgan highlights regulatory challenges for bank-issued stablecoins, including unprofitable reserve requirements. Meanwhile, the U.S. may soon pass the GENIUS Act to facilitate bank-issued stablecoins. JPMorgan is testing its own tokenized deposit solution, JPMD, on Base Layer 2.
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