JP Morgan has taken a step in showing HOW and WHY it should happen. Today, the finance giant executed the first tokenized derivatives trade on their brand spanking new Tokenized Collateral Network (TCN).
The first stop is money market funds. This is a big deal for these banks – The transfer occurred between BlackRock and Barclays Tokenization within a matter of minutes.
Tom McGrath, deputy global COO of the cash management group at BlackRock, said, “The tokenization of money market fund shares as collateral in clearing and margining transactions would dramatically reduce the operational friction in meeting margin calls when segments of the market face acute margin pressures.”
The TCN is now officially live, with JP Morgan leading the tokenization charge.
JPMorgan moves to commercialise blockchain with Tokenized Collateral Network
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