2026 Tokenized Bank Deposit Outlook from Kinexys JPMorgan

Corporate treasurers move more than $23 trillion dollars across borders every year, equivalent to a quarter of global GDP. Yet the underlying infrastructure that supports this flow is outdated, fragmented and expensive. The result is a cost burden of roughly $120 billion dollars per year on cross-border payments alone per JPMorgan’s report .  These costs are fed through multi-layered correspondent banking chains, trapped liquidity, opaque FX spreads, time-zone driven delays a

Contrary to popular narrative, stablecoins are not a threat to banks’ large corporate transaction-banking businesses. Tokenized bank deposits from JPMorgan , Citi , HSBC  and DBS already offer 24/7 programmable and multi-FX money movement to the largest corporates in the world. And more products with better connectivities are in the works from banks. But disruption to banking due to stablecoins and onchain finance is happening. And it is happening already in consumer banki

According to the latest Artemis report , stablecoin payments volume has grown +70% from an annual run-rate of $72B in Feb 2025 to $120B in Aug. And stablecoin-linked card payments have emerged as a main payment category with $10B annually .  The appeal is simple: users want to spend digital dollars in the real world , seamlessly, via Visa or Mastercard rails.  In fact Visa has made stablecoin card payments a digital asset priority. On its Q3 2025 earnings call, Visa has revea

70 institutions, 6 tests, 1 conclusion: tokenized MMF is ready for at-scale institutional adoption as it unlocks trillions. Find out more

What are the drivers, opportunities and challenges with asset management tokenization?

CNBC recently reported that OnePay Cash , majority owned by Walmart and fully integrated with Walmart’s digital and physical channels, is launching crypto trading and custody via partnership with Zerohash, a crypto infrastructure firm. And that users will be able to pay using crypto at Walmart. This move isn’t about speculation. It signals a broader transformation where consumer fintechs and large retailers are merging into a single ecosystem: one that blends commerce, bankin

Stablecoin gave the world a tokenized USD checking account. Tokenized MMF gave the world a tokenized USD savings account. Here is what comes next.

Stablecoin is a killer use case for blockchain. But what is the killer use case for stablecoin?

Digital assets are no longer a fringe conversation, they are finally reaching the institutional scale-up phase. Let's unpack top 3 trends:

Last week, BlackRock’s tokenized money market fund (MMF), BUIDL, surged past the $1 billion milestone. marking a defining moment in the onchain financial revolution. Launched on 21 March 2024, BUIDL wasn’t just another product; it was a signal. A starting gun for traditional asset managers to storm the onchain space. Excellent news article headline. But the real insight? It’s not in the mainstream media headlines or crypto media soundbites. It’s time to get granular and dive

Last week, when I outlined the 3 interest-income revenue models for stablecoins , I had no idea just how much bigger the opportunity would become a few days later - courtesy of the US Office of the Comptroller of the Currency (OCC) .  On Friday, in a dramatic reversal, the OCC scrapped Biden-era restrictions that had kept US banks from engaging in stablecoin transactions and crypto custody. Overnight, the stablecoin market’s potential didn’t just grow—it likely 10x’d .  With

Last week was a defining moment for stablecoins. Top CEOs from major U.S. financial institutions made bold statements about their stance on stablecoins, signaling a decisive shift in the industry: Bank of America CEO, Brian Moynihan : "If regulators make that leap, we will enter the stablecoin business." PayPal CEO, Alex Chriss : “With an estimated 20 to 60 million monthly active crypto users3, the potential for commerce is immense. For merchants, this means unlocking a new,

At the recent RWA London Summit, one topic dominated my panel discussion: tokenized assets as collateral .  A variety of views emerged, including using more exotic tokenized assets other than tokenized MMF as collateral.  While I recognize the potential of these alternative assets, I made one thing clear—this is a conversation about the future, not the present. Right now, tokenized products must meet investor demands, and illiquid assets simply don’t. Even the most prestigiou

Mapping out the biggest US banks digital asset businesses and benchmarking against comparable revenue data

As institutional tokenization gained momentum rapidly last week with CFTC inviting crypto CEOs  to discuss stablecoins as possible eligible collateral in the derivatives market and Senator Bill Hagerty introducing his stablecoin bill, the urgency with which firms are looking at their tokenization strategy is palpable in my conversations.  It has become apparent to me critical to anyone’s tokenization strategy is a GTM playbook that articulates product, tech, ecosystem and reg

This week, Apollo Global Management teamed up with Securitize to launch a tokenized feeder fund for the Apollo Diversified Credit Securitize Fund ($ACRED), aiming to bring tokenized private credit to institutional and accredited investors. A bold move. But here’s the harsh reality—it’s not going to gain traction. In this week’s research issue, I’ll break down exactly why this initiative is set to fail. More importantly, I’ll explain why asset managers hoping to pump up their

A week that changed everything in digital asset/crypto space... Here is what happened.

In 2024, BlackRock, Brevan Howard, UBS all entered the tokenized MMF race. Here is the GTM playbook for asset managers looking to enter...

World's top 20 stablecoin geographic markets unpacked