A former Citi exec just launched Ubyx, a Visa-like clearing network for stablecoins, backed by Peter Thiel, Coinbase, and Galaxy. It aims to make stablecoins interoperable across banks, merchants, and chains like Solana and Base. [analysis]
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JPMorgan is piloting a new deposit token (not a stablecoin) called JPMD on Coinbase’s Layer-2 network, Base. It's essentially a digital version of the deposits that customers hold in their accounts. In plain English: Commercial bank money, wrapped in a token, moving at crypto speed. It will first be used by select institutional Coinbase clients, with plans for broader rollout pending regulatory greenlights. They’re digitized claims on actual deposits held by a bank, making them legally and technically distinct from stablecoins like USDC or USDT. [Whitepaper]
“From an institutional standpoint, deposit tokens are a superior alternative to stablecoins,” said JPM’s Naveen Mallela .
“Because they are based on fractional banking, we think it is more scalable.”
