Convergence · Banks
Banks, custody & tokenized deposits
Deposit tokens are bank liabilities; payment stablecoins are issuer liabilities under stablecoin statutes—teach the legal difference.
Custody
Regulated custody is the institutional prerequisite for ETFs, funds, and corporate treasuries. Illustrative providers: Coinbase Custody, BitGo, Anchorage Digital, and bank custodians under evolving regimes.
Deposit tokens
JPMorgan Kinexys (formerly Onyx) runs blockchain deposit accounts for institutional 24/7 payments and JPMD USD deposit-token experiments. Fnality explores wholesale settlement using on-chain representations of central-bank money / deposits. These are legally distinct from payment stablecoins.
Tokenized funds
Banks and asset managers increasingly treat public L1/L2 as settlement/distribution rails (BUIDL-style funds) while official books of record may remain off-chain.