Alibaba to Use JPMorgan’s Blockchain for Tokenized Dollar and Euro Payments: CNBC
CoinDesk
Alibaba.com will use JPMorgan's blockchain infrastructure to process cross-border payments using tokenized dollar and euro deposits.Summary
Alibaba.com plans to streamline its cross-border business-to-business payments by utilizing tokenized versions of fiat currencies like the U.S. dollar and euro, as announced by President Kuo Zhang to CNBC. This initiative, developed in partnership with JPMorgan, involves using the bank's blockchain-based JPMD infrastructure to move tokenized deposits, aiming to expedite transactions and eliminate intermediaries common in traditional international trade settlement. Unlike stablecoins, these tokenized deposits reside on a regulated bank's balance sheet. While exploring stablecoins for the future, Alibaba.com is initially focusing on these bank-issued digital tokens for regulatory clarity.
(Source：CoinDesk)