As of 2024, at least one-third of commercial banks were exploring or piloting tokenized deposits, according to a survey by the Bank for International Settlements. Leading financial institutions are continuing to explore blockchain technology to facilitate cheaper and faster institutional payments, signaling a growing interest in tokenization solutions. US investment bank JPMorgan and Singapore multinational banking group DBS announced Tuesday that they are developing a blockchain-based tokenization framework to enable onchain transfers between their deposit token ecosystems. The effort aims to set a new industry standard for cross-bank digital payments. The tokenization framework will allow the two financial institutions to facilitate instant payments around the clock, across both public and permissioned blockchain networks, providing their institutional clients with broader access to cross-bank onchain transactions. Read more
Argentina’s order against Hayden Davis marks the latest move in the $250 million Libra fraud probe now spanning courts in Buenos Aires and New York. Argentina’s federal judiciary ordered a freeze of assets belonging to US promoter Hayden Davis and two alleged intermediaries tied to the collapsed Libra token, deepening an investigation into one of Latin America’s biggest crypto scandals. The order, issued by Judge Marcelo Martínez de Giorgi, reportedly covers digital wallets, bank accounts and real-estate assets of Davis, Argentine operator Orlando Rodolfo Mellino and Colombian trader Favio Camilo Rodríguez Blanco. Prosecutors said the asset freeze was necessary to prevent any transfer of assets that could represent the proceeds of fraud, as investigators work to trace a money trail estimated to be $100 million to $120 million. Read more