Major U.S. Banks Including JPMorgan and Citi Launch Tokenized Deposit System to Compete With Crypto

U.S. banks are preparing to launch a tokenized deposit system. @WatcherGuru reported that the initiative aims to compete with crypto. The system will allow banks to issue deposits in tokenized form.

JPMorgan is listed among the institutions developing the platform. Citi is also participating in the effort. The announcement comes as traditional banks seek to match features offered by cryptocurrency services.