“The technology aims to expedite transactions and eliminate intermediaries, enabling the direct transfer of digital currencies over a blockchain-based system.”, — write: www.coindesk.com
- Alibaba’s global business-to-business platform will utilize tokenized deposits backed by fiat currencies, such as the US dollar and the euro, to streamline cross-border payments in partnership with JPMorgan.
- The technology aims to expedite transactions and eliminate intermediaries, enabling the direct transfer of digital currencies over a blockchain-based system.
- Alibaba will initially focus on bank-issued digital tokens, rather than stablecoins, for regulatory and operational clarity, and may explore stablecoins in the future.
Kuo Zhang, president of Alibaba.com, told CNBC that the platform plans to start using tokenized deposits backed by fiat currencies such as the US dollar and euro. The technology, which it will build in partnership with JPMorgan, is designed to speed up transactions and reduce the number of intermediaries needed for international payments.
In today’s cross-border trade, a US buyer sending dollars to a Chinese supplier may see funds routed through several banks and undergo multiple currency conversions, adding both time and cost. With tokenized currency, a digital version of that dollar could be transferred directly over a blockchain-based system, bypassing the intermediaries.
Alibaba.com will use JPMorgan’s blockchain-based JPMD infrastructure, a system designed to move tokenized deposits between institutional clients. Unlike stablecoins, which are typically issued by non-banks and backed by assets like treasuries, tokenized deposits sit on a regulated bank’s balance sheet.
Zhang said the company is also exploring the possibility of adopting stablecoins in the future, but will first focus on bank-issued digital tokens to ensure regulatory and operational clarity.
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