During a SIBOS panel discussion yesterday, JP Morgan revealed it is participating in the Regulated Liability Network (RLN). Gary Chan, the bank’s global head of post trade, believes digital currency will transform payments within five years.
Earlier this month, the UK arm of the Regulated Liability Network (RLN) shared the findings of its latest work without mentioning the participants. The network aims to bring together banks and central banks to support different types of digital currency on the same network. That includes central bank digital currency (CBDC), deposit tokens and regulated stablecoins. In July the US RLN published a report involving several other U.S. banks, the New York Federal Reserve’s innovation arm and Mastercard.
The involvement of the big bank is notable for several reasons. Firstly, JP Morgan has been at the forefront of bank exploration of digital currency and is involved in several other initiatives – JPM Coin, Partior, and public blockchain deposit tokens. Secondly, Citi initiated the RLN network. And JP Morgan processes $10 trillion in payments daily, making it the biggest player in payments.
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