JPMD：Kinexys和JP Morgan如何搖晃押金令牌遊戲

JP Morgan的Kinexys正在與JPMD進行沉積令牌，並在Coinbase的基地上發射。這對Stablecoins和機構金融的未來意味著什麼？

Hold on to your hats, folks! JP Morgan, through its blockchain unit Kinexys, is making waves with its new USD deposit token, JPMD. Launched on Coinbase's Base blockchain, this move could redefine how institutions handle digital assets.

抓住你的帽子，伙計們！ JP Morgan通過其區塊鏈單元Kinexys，正在使用其新的USD沉積令牌JPMD引起海浪。此舉是在Coinbase的基本區塊鏈上推出的，可以重新定義機構如何處理數字資產。

What's the Buzz About JPMD?

JPMD的嗡嗡聲是什麼？

JPMD isn't your average stablecoin. It's a permissioned deposit token, designed to bridge the gap between traditional banking and the world of public blockchains. Think of it as a super-secure, institutional-grade way to move money 24/7.

jpmd不是您的平均穩定性。這是一個許可的押金令牌，旨在彌合傳統銀行和公共區塊鏈世界之間的差距。將其視為一種超安全的機構級別24/7貨幣的方式。

Key Insights

關鍵見解

• Institutional Focus: JPMD is tailored for asset managers, banks, and fintechs seeking reliable and compliant digital payment solutions.
• Base Blockchain: By launching on Base, JP Morgan is leveraging a platform that offers a balance between decentralization and regulatory compliance.
• GENIUS Act Impact: The recent passage of the GENIUS Act, which provides a regulatory framework for stablecoins, has paved the way for traditional banks to confidently enter the digital asset space.

Deposit Tokens vs. Stablecoins: What's the Difference?

存放令牌與穩定幣：有什麼區別？

According to a report by Oliver Wyman and Kinexys, deposit tokens are a form of commercial bank money, issued by licensed depository institutions. Unlike stablecoins, which are backed by reserves and can be issued by non-banks, deposit tokens represent actual deposits at a bank. This distinction gives JPMD a unique edge, as it operates within the existing regulatory framework for banks.

根據Oliver Wyman和Kinexys的一份報告，存款令牌是商業銀行貨幣的一種形式，由許可的存託機構發行。與由儲備金支持並可以由非銀行發行的Stablecoins不同，存款代表代表銀行的實際存款。這種區別使JPMD具有獨特的優勢，因為它在銀行的現有監管框架內運行。

Jason Barraza, COO at Security Token Market, noted that JPMD doesn't need 1:1 backing like stablecoins, thanks to fractional reserve banking. This makes it highly scalable.

安全令牌市場上的首席運營官傑森·巴拉薩（Jason Barraza）指出，由於部分儲備銀行業務，JPMD不需要1：1的支持，例如Stablecoins。這使其高度可擴展。

Why is JP Morgan Doing This?

JP Morgan為什麼這樣做？

JP Morgan's move isn't just about innovation; it's about staying competitive. As Alex Thorn of Galaxy Digital pointed out, JPMD allows JP Morgan to capitalize on the growing interest in on-chain finance. It could also pressure stablecoin issuers to offer higher yields and greater transparency.

摩根大通的舉動不僅僅是關於創新的；這是關於保持競爭力。正如Galaxy Digital的Alex Thorn指出的那樣，JPMD允許JP Morgan利用對鏈融資日益增長的興趣。它還可能給穩定發行人施加壓力，以提供更高的收益率和更高的透明度。

Benefits of JPMD

JPMD的好處

• 24/7 Transactions: Enables real-time settlements at near-zero cost.
• RWA Integration: Connects to tokenized real-world asset platforms.
• Liquidity Efficiency: Eliminates the need for fragmented stablecoin reserves.

The Regulatory Landscape

監管景觀

The GENIUS Act is a game-changer, but regulatory hurdles remain. Basel Committee regulations classify permissionless blockchain tokens as high-risk. Whether the U.S. adopts these rules could significantly impact JPMD's competitive advantage.

《天才法案》是改變遊戲規則的人，但監管障礙仍然存在。巴塞爾委員會法規將無許可的區塊鏈代幣歸類為高風險。美國是否採用這些規則會極大地影響JPMD的競爭優勢。

The Bigger Picture

更大的圖片

JP Morgan's foray into deposit tokens could shake up the stablecoin ecosystem, currently dominated by Circle and Coinbase with USDC. With JPMD, institutions gain another option for digital payments and settlements. As Naveen Mallela from Kinexys puts it, JPMD provides additional optionality beyond USDC.

JP Morgan涉足沉積令牌可能會動搖Stablecoin生態系統，該生態系統目前由Circle和Coinbase與USDC主導。使用JPMD，機構為數字付款和和解獲得了另一種選擇。正如Kinexys所說的Naveen Mallala所說的那樣，JPMD提供了USDC以外的其他選擇性。

Final Thoughts

最後的想法

So, what does all this mean? It's simple: Wall Street is officially joining the digital cash party. Whether JPMD becomes the

那麼，這意味著什麼？很簡單：華爾街正式加入數字付款會。 jpmd是否成為