DBS and JPMorgan link tokenized deposits across blockchains

According to the DBS official release, the banks plan to connect DBS Token Services and Kinexys Digital Payments so tokenized deposits can move across public and permissioned blockchains.

Kinexys has been piloting JPMorgan’s USD deposit tokens (JPMD) on the public Base network, while operating blockchain deposit accounts on a permissioned Kinexys chain. Under the proposed setup, a JPMorgan client could pay a DBS client using JPMD on Base; the recipient could redeem to fiat or convert into DBS tokens within DBS’s ecosystem. Both banks already offer real-time settlement inside their own networks; the new framework is meant to extend that capability across banks.

The initiative targets a common limitation of single-bank tokenized deposit systems by enabling transfers across institutions and networks. As the banks said, this framework is intended to operate across public and private chains and provide round-the-clock availability for institutional payments. The announcement was made on November 11 in Singapore.  

A DBS executive called the collaboration “a significant milestone for cross-border money movement.” Naveen Mallela, global co-head of Kinexys, said the focus is on “building the next-generation financial infrastructure.”

Global banks are testing tokenized deposits for on-chain payments. Recent pilots include deposit tokens issued on both permissioned networks and public blockchains, reflecting efforts to bring bank money onto blockchain rails for institutional use.

In October 2025, Bank of New York Mellon (BNY Mellon) announced it was developing tokenized deposits that allow clients to make blockchain-based payments. The bank, which processes about $2.5 trillion in daily payments, has tested a shared ledger for real-time cross-border transfers with more than 30 institutions and SWIFT, and has also partnered with Goldman Sachs to use distributed ledgers for money-market fund records.

Other examples include JPMorgan’s June pilot of JPMD, HSBC’s similar service for corporates, and a nine-bank European consortium – including UniCredit, ING, and DekaBank – developing a euro-backed settlement instrument.