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According to Bloomberg, a person with knowledge of the matter said that JPMorgan Chase & Co., the largest bank in the USA, is considering launching a new type of digital money that could speed up international payments and agreements.
The person, who asked to remain anonymous because the project is still in its early stages, said the bank is exploring using a blockchain-based deposit token that would be a transferable digital currency representing a deposit claim against itself.
The source added that the bank has developed much of the infrastructure needed to run the new payment system, but will not create the token unless it receives approval from US regulators.
The deposit token will be an expansion of JPMorgan's blockchain push, which includes a system called JPM Coin that allows some of its institutional clients to transfer dollars and euros within the bank.
The bank said in June that it had processed approximately $300 billion in transactions using JPM Coin since its launch in 2019.
The deposit token will enable instant transactions using blockchain technology, a distributed ledger technology that records and verifies transactions without intermediaries. The token will also potentially reduce transaction costs as it will eliminate the need for intermediaries such as counterpart banks and clearinghouses.