Money Code Tokenized Deposits vs Stablecoins: Inside JPMorgan’s Kinexys w/ Naveen Mallela
Nov 13, 2025
Naveen Mallela, Global Co-Head of Kinexys at J.P. Morgan, dives into the transformative vision for tokenized deposits like JPMD and their differences from stablecoins. He explains the importance of interoperability in financial systems and how shared ledgers can redefine banking competition. Naveen highlights cross-border payments as the next frontier for tokenization. He also discusses liquidity solutions and the coexistence of different monetary forms, including stablecoins and CBDCs, laying out a compelling narrative for the future of finance.
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Three-Step Ledger Evolution
- Connexus progressed from a single-bank ledger to a multibank ledger and then to a universal ledger enabling deposit tokens.
- This layered approach unlocked cross-bank programmability and public on-chain issuance like JPMD.
Competition Moves Up The Stack
- Shared ledgers will shift competition away from infrastructure moats to issuer brand, balance-sheet quality, and client services.
- Institutions must rethink differentiation as infrastructure becomes mutualized.
Design For Coexistence, Not Exclusivity
- Expect coexistence: use permissioned ledgers where privacy, KYC, and institutional controls matter, and public chains where scale and network effects dominate.
- Design systems to interoperate across permissioned and permissionless networks rather than choosing one.
