Tag Archives: Treasury

JPMorgan, Citi and TCH: Tokenized Deposits ON Chain

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Builds on: 101 Update: CBDCs, Stablecoins and Tokenized Deposits | Stablecoins: A New Model of Trust | Stablecoin Scenarios

The WSJ reported yesterday that JPMorgan, Citigroup, and TCH (a consortium of the largest US banks) are planning a shared tokenized deposit system. For anyone who has been following this space, this is not a surprise. It is a confirmation. I’ve been writing about this trajectory for years. The question was never whether banks would adopt blockchain infrastructure. The question was always how and the commercial construct that governs operation. Now we know. 

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Amazon’s Stablecoin Strategy (and other Channel Masters)

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It’s not about Consumer 

My best guess

Recent media reports have ignited speculation about the entry of Amazon and Walmart into the stablecoin. The dominant narrative surrounds consumer use and the desire to endrun card processing fees. IMHO this perspective represents a fundamental misreading of the strategic calculus for a global supply chain “masters” and overlooks the far larger, more complex lucrative prize: the radical optimization of its global treasury operations. An “On Us” that spans the globe and encompasses all of amazon’s marketplaces, AWS services, Advertising,… and everything else.  A proprietary, closed-loop financial rail that serves as the financial backbone for its vast network. 

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