DBS Bank Singapore and JPMorgan Chase are collaborating to advance cross-chain tokenized deposit interoperability.

PANews reported on November 11th that, according to The Block, DBS Bank (Singapore) and Kinexys (a subsidiary of JP Morgan) are developing a cross-chain interoperability framework for tokenized deposits, aiming to support 24/7 transfers between public and permissioned blockchains. The solution will connect JPM's Deposit Tokens (based on Ethereum L2 Base) with DBS Token Services (a permissioned blockchain), mitigating the limitations of native interoperability and security risks. Both institutions already provide real-time settlement and liquidity on their on-chain systems. Previously, BNY Mellon was reported to be exploring tokenized deposit services, and several UK banks (Barclays, Lloyds, HSBC) have launched pilot programs for tokenized pound sterling deposits; the BIS 2024 report states that nearly one-third of commercial banks in jurisdictions are conducting related pilots or studies.