JPMD：Kinexys和JP Morgan如何摇晃押金令牌游戏

JP Morgan的Kinexys正在与JPMD进行沉积令牌，并在Coinbase的基地上发射。这对Stablecoins和机构金融的未来意味着什么？

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，伙计们！ JP Morgan通过其区块链单元Kinexys，正在使用其新的USD沉积令牌JPMD引起海浪。此举是在Coinbase的基本区块链上推出的，可以重新定义机构如何处理数字资产。

What's the Buzz About JPMD?

JPMD的嗡嗡声是什么？

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不是您的平均稳定性。这是一个许可的押金令牌，旨在弥合传统银行和公共区块链世界之间的差距。将其视为一种超安全的机构级别24/7货币的方式。

Key Insights

关键见解

• 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?

存放令牌与稳定币：有什么区别？

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.

根据Oliver Wyman和Kinexys的一份报告，存款令牌是商业银行货币的一种形式，由许可的存托机构发行。与由储备金支持并可以由非银行发行的Stablecoins不同，存款代表代表银行的实际存款。这种区别使JPMD具有独特的优势，因为它在银行的现有监管框架内运行。

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.

安全令牌市场上的首席运营官杰森·巴拉萨（Jason Barraza）指出，由于部分储备银行业务，JPMD不需要1：1的支持，例如Stablecoins。这使其高度可扩展。

Why is JP Morgan Doing This?

JP Morgan为什么这样做？

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.

摩根大通的举动不仅仅是关于创新的；这是关于保持竞争力。正如Galaxy Digital的Alex Thorn指出的那样，JPMD允许JP Morgan利用对链融资日益增长的兴趣。它还可能给稳定发行人施加压力，以提供更高的收益率和更高的透明度。

Benefits of JPMD

JPMD的好处

• 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

监管景观

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》是改变游戏规则的人，但监管障碍仍然存在。巴塞尔委员会法规将无许可的区块链代币归类为高风险。美国是否采用这些规则会极大地影响JPMD的竞争优势。

The Bigger Picture

更大的图片

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涉足沉积令牌可能会动摇Stablecoin生态系统，该生态系统目前由Circle和Coinbase与USDC主导。使用JPMD，机构为数字付款和和解获得了另一种选择。正如Kinexys所说的Naveen Mallala所说的那样，JPMD提供了USDC以外的其他选择性。

Final Thoughts

最后的想法

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

那么，这意味着什么？很简单：华尔街正式加入数字付款会。 jpmd是否成为