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Tokenization Momentum Spreads to Deposits

January 23, 2026 | 8 minutes reading time | By Jeffrey Kutler and Michael Shashoua

Banks warm to the idea that deposit tokens have advantages over stablecoins as natural, modernized enhancements of traditional services and relationships.

When BlackRock chief executive Laurence Fink asserted last year that “every asset can be tokenized,” he specifically mentioned stocks, bonds and funds. His firm is a leader among those fulfilling the prophecy: Over $20 billion of real-world asset (RWA) value is distributed on blockchain, or well over $300 billion including stablecoins, as some brokerages, market infrastructures like Depository Trust Co. and the New York Stock Exchange are beginning to push tokenization of securities into a higher gear.

That momentum is spreading across the balance sheet to tokenized deposits, with particular implications for interbank and cross-border payment efficiency.

The concept has been brewing for a while. Three years ago JPMorgan Chase & Co.’s digital-asset arm, then known as Onyx and promoting JPM Coin, produced a report with Oliver Wyman positioning instantaneously settled deposit tokens as “a stabilizing force in the digital money ecosystem” operating within well understood regulatory, financial-stability and customer-protection frameworks.

In November 2025, following testing with B2C2, Coinbase and Mastercard, JPMorgan’s Kinexys...

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Topics: Digital Assets

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