Text | RWA Knowledge Circle

Editor|RWA Knowledge Circle

1. Regulatory breakthroughs usher in a new era of token competition

With the passage of the GENIUS Act in the U.S. House of Representatives, crypto assets have obtained a systematic regulatory framework for the first time. The bill fills the decade-long regulatory vacuum of the SEC and CFTC. It is worth noting that the House of Representatives' STABLE Act will also be completed in August. While the industry is excited about the clarification of regulation, traditional financial institutions such as JPMorgan Chase have quietly launched an alternative to stablecoins - deposit tokens, directly challenging the market position of stablecoins. This evolution of the landscape will force companies to face a critical choice - making a strategic choice between the bank-led compliant deposit token ecosystem and the crypto-native stablecoin system.

2. The underlying value reconstruction logic of stablecoins

To understand why traditional financial giants have launched deposit tokens to cope with the popularity of stablecoins, we must first clarify the core advantages of stablecoins in the enterprise market:

• Trust mechanism revolution: distributed ledgers make transactions verifiable in real time
• Efficiency paradigm breakthrough: cross-border settlement cycle shortened to T+0
• Financial inclusion: Emerging market businesses gain equal access to payments

It is these disruptive advantages that have prompted traditional financial institutions to launch deposit tokens as a response. Although stablecoins have efficiency advantages in cross-border scenarios (such as shortening the T+3 cycle), deposit tokens, with their integration into the banking system, have shown greater universality in daily payments, salary distribution and supply chain finance in the United States. Especially for small and medium-sized enterprises, deposit tokens eliminate the technical threshold of encrypted wallets, allowing on-chain fund management to be directly connected to the enterprise ERP system.

3. Blockchain-based survival strategy of traditional banks

Blockchain technology reshapes the foundation of trust through a distributed accounting mechanism, making institutions that have long resisted innovation face an existential crisis. JPMorgan Chase has keenly grasped this trend and officially launched the JPMD deposit token based on the Base blockchain on June 18, 2025 (with technical support from Coinbase), practicing the competitive strategy of "returning the favor in kind." This strategic layout began with a special study by its blockchain division Kinexys in 2023. The token is essentially a digital expression of the holder's right to claim a bank deposit. Based on this technical foundation, as a regulated commercial bank currency, deposit tokens have demonstrated unique advantages against stablecoins in the U.S. localization scenario - through deep integration of existing banking infrastructure, a moat is built in three dimensions: domestic payment and clearing, corporate treasury management, and regulatory compliance :

• Hybrid clearing architecture: Settlement on the Base public chain, but reserves are held in JPMorgan Chase's FDIC insurance account
• Programmable cash flow: support conditional payments (such as bills of lading triggering payments in trade finance)
• Localization efficiency: Relying on the bank clearing network to achieve T+0 settlement of domestic payments
• Enterprise ecosystem integration: KYB-certified enterprises can directly connect to the ERP system to transfer millions of funds

However, its institutional flaws are equally obvious:

• Liquidity fragmentation: Circulation is limited to the Morgan system, forming an "island on the chain"
• Innovation inhibition: need to follow bank compliance procedures, losing the composability advantage of DeFi
• Lack of inclusiveness: refusing to serve regional companies that fail to meet anti-money laundering standards

Faced with the dual complexity of stablecoins and deposit tokens, professional RWA accelerators are becoming key enablers for SMEs - analyzing corporate asset structures, cash flow characteristics and regulatory suitability through customized evaluation models, providing full-cycle services from RWA issuance plan design to compliance framework construction, significantly lowering the threshold for SMEs to participate in the digital asset economy.

4. Theoretical reconstruction path of RWA on-chain

When enterprises face the complexity of token selection, stablecoins and deposit tokens are essentially on-chain mappings of financial creditor assets, which together indicate the full outbreak of the wave of tokenization of physical assets. Real assets such as real estate and commodities are converted into tradable shares through the theory of property rights division, so that non-standard assets can obtain securities-level liquidity. The state-dependent rights management realized by smart contracts can automatically execute complex rights distribution such as dividends and leases.

Faced with the resulting technical route and compliance puzzle, the systematic RWA course came into being and became the key to breaking the deadlock for corporate decision makers and practitioners. The course deeply analyzes the core four-dimensional capability system of RWA: compliance penetration (deconstructing multi-national regulatory requirements and reporting paths), technical architecture (oracle integration, cross-chain gateway deployment and smart contract security), liquidity strategy (market maker docking and secondary market cultivation), and valuation modeling (on-chain asset pricing model development and application). Through real case disassembly and sandbox deduction, the course enables students to master the full-process practical skills from asset screening, structure design, compliance issuance to liquidity management, helping companies to accurately anchor value in the trillion-dollar RWA blue ocean and efficiently release capital potential.