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NY Community Bank invites other bank to tokenize balances on Blockchain

Digital markers, which are tokenized bank account balances, are comparable to Russia's Sberbank settlement tokens in that they are tokenized bank account balances. In order to be clear, this is not a stablecoin, according to the New York Community Bank. The words 'tokens,' 'tokenized cash,' and 'digital money' were not used in the announcement, which was a good thing.

JAM FINTOP Bank Network, which includes 66 community banks, includes NY Community Bank as a member institution. One of its subsidiaries was recently given a license to operate as an Alternative Trading System (ATS). A USD Forward was used to pay for secondary market trades involving Figure's own shares on the ATS, which is operated by Figure.

The usage of central bank digital money, also known as cash on ledger, is the holy grail of on-chain payments or cash on ledger. That is the path that Fnality is pursuing, with the support of many global financial institutions. However, with huge regulatory obstacles in the way, this is hardly a fast-tracked adoption route. Other alternatives, such as digital markers and JPM Coin, are available as a last resort.

 

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