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Tokenized deposits | Naveen Mallela, J.P. Morgan | VOX 57

Naveen Mallela explains how tokenized deposits will enable commercial banking on blockchain.

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Naveen Mallela, JP Morgan

Naveen Mallela is MD and head of Onyx Global Coin at J.P. Morgan Chase in Singapore. He is at the forefront of redesigning commercial banking to operate on blockchain rails – with programable money, 24/7 operations, atomic settlement, and other features enabled by the technology.

Mallela speaks with Jame DiBiasio about tokenized deposits, and the need to transform the deposit account into a token that can be utilized beyond the bank’s internal network.

One of the implications that J.P. Morgan would like to see realized is some changes in how commercial banking is governed, with potentially radical rethinking of deposit insurance and other regulatory factors.

  • Timecodes:
  • 0:00 – Naveen Mallela, J.P. Morgan Chase
  • 1:38 – What are deposit tokens, their origins, and the drivers behind JPM Coin
  • 5:05 – The role of third-party digital identity in enabling tokenized deposits to scale
  • 6:06 – From account-based banking to token-based banking, and what this would make possible
  • 8:46 – Reimagining commercial banking and what banks need to do to prepare
  • 11:17 – Fractional-reserve banking in a blockchain format
  • 13:18 – Tokenized deposits versus CBDCs and the “oneness” of money
  • 14:51 – How JPM Coin combines deposit accounts with securities tokenization, eg repo
  • 17:46 – Moving to other permissioned blockchains and to public blockchains
  • 18:46 – Regulating tokenized deposits and rethinking deposit insurance
  • 20:43 – Making this a US bank product versus a Eurodollar model
  • 22:21 – The portability of deposit insurance
  • 24:13 – Cross-border regulation
  • 25:51 – Risks of bank runs in a 24/7 global environment and how to build resilience


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