Banks Are All in on Tokenized Deposits

31 snips

Nov 24, 2025

In this engaging discussion, Sam McIngvale, Head of Product at OP Labs, and Lesley Chavkin, a policy and fintech expert, dive into the evolving landscape of tokenized deposits. They explore how major banks like JPMorgan and Alibaba are leveraging blockchain to offer tokenized financial products. The duo elaborates on the regulatory complexities surrounding DeFi, the transparency versus privacy debate for on-chain banking, and the potential implications of these innovations on user experience and institutional finance.

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ANECDOTE

JPMorgan Demoed Tokenized Deposits Live

Cuy Sheffield recalled JPMorgan's live JPMD transaction on Base at Singapore FinTech Fest as a striking signal of bank comfort with public chains.
He described JPM paying a gas fee in ETH to send a deposit token between addresses onstage, highlighting real-world institutional use of public blockchains.

INSIGHT

On-Chain Backends Improve Financial Products

Sam McIngvale argued on-chain financial backends make many consumer financial products inherently better.
He predicted successful on-chain apps will likely migrate to bespoke chains to customize customer experiences.

INSIGHT

Insurance Reduces Adoption Barriers

Lesley Chavkin said removing user complexity and adding balance protection mechanisms helps DeFi reach mainstream users.
She compared Aave's insured-like protection to a private FDIC-style confidence builder for less-experienced depositors.

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On Ep. 58 of Tokenized, Cuy Sheffield, Head of Crypto @ Visa, is joined by Sam McIngvale, Head of Product @ OP Labs and Lesley Chavkin, Ribbit Capital to discuss agentic commerce, traditional AI vs agentic AI and more!

Timestamps:

00:00 Introduction
01:35 Defining agentic commerce and its impact on shopping
04:50 How agentic AI enables personalization at scale
06:44 Differences between traditional AI and agentic AI
09:24 The shift from reactive to proactive banking
13:46 Current adoption curve for agentic AI in finance
15:01 Promising use cases for agentic AI in commerce
17:27 Autonomous agents and redefining customer engagement
21:45 Barriers to adopting AI at scale in organizations
26:38 Building trust and managing risk in AI decisions

Tokenized is sponsored by Visa

A world leader in digital payments, Visa is bridging the gap between traditional financial institutions and innovative blockchain networks, helping players in the payments ecosystem navigate the ever-evolving world of tokenized fiat currencies with confidence and ease. Learn more at visa.com/crypto.

Tokenized is presented by Bridge, a Stripe company.

Just like the internet made information global, stablecoins are making money global. And Bridge, a Stripe company, is the infrastructure powering that shift. Built for speed, scale, and simplicity, Bridge helps businesses send, store, convert, and spend stablecoins instantly, all without borders or having to navigate the complexities of crypto. Learn more at bridge.xyz

Tokenized is also presented by Centrifuge

With over $1 billion in total value locked, Centrifuge works with major institutional partners to tokenize and distribute their funds — and with capital allocators onchain to invest and manage yield. Through every crypto cycle, Centrifuge has been building — and today, it’s the market leader in tokenizing real-world assets. Learn more at centrifuge.io

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We’d also like to remind you that the views or opinions of our contributors today are their own and do not necessarily reflect those of the companies they are representing. Nothing we say should be taken as tax, financial, investment or legal advice, do your own research!

Music by Henry McLean