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Alibaba to Use JPMorgan’s Blockchain for Tokenized Dollar and Euro Payments

Alibaba's global business-to-business platform will leverage tokenized deposits backed by fiat currencies like the US dollar and euro to enhance cross-border payments. This collaboration with JPMorgan aims to streamline transactions, allowing direct transfers of digital currencies using a blockchain-based system. Kuo Zhang, president of Alibaba.com, noted that the initiative will initially focus on bank-issued digital tokens to maintain regulatory clarity, with stablecoins potentially considered in the future. Currently, traditional cross-border payments can involve multiple banks and currency conversions, leading to delays and increased costs. By utilizing tokenized currencies, Alibaba aims to expedite these processes, minimizing reliance on intermediaries. The planned system will utilize JPMorgan's blockchain infrastructure to transfer tokenized deposits among institutional clients, differentiating itself from stablecoins often issued by non-banks. This approach marks a significant step toward blockchain-based commerce as Alibaba seeks to innovate the global payments landscape.

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