DBS and J.P. Morgan’s Kinexys are building a cross-bank framework to let tokenised deposits move seamlessly between their blockchain systems: DBS Token Services and Kinexys Digital Payments. [RELEASE]

Kinexys processes over $2B in daily payments and $1.5T cumulatively, while DBS Token Services has surpassed $1B in tokenized trading volume in 2025. This transitions tokenised commercial bank money from isolated, proprietary “walled gardens” into a unified, cross-issuer, cross-chain infrastructure.

And they’re doing it across public and permissioned chains at the same time.

Yes, public chains. That’s a huge deal. Let’s unpack.

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What happened

By linking DBS’s Token Services with Deposit Tokens (JPMD) on Base, Southeast Asia’s and the U.S.’s largest banks are establishing the blueprint for the future of global transaction banking.

Both banks have operated as closed systems, limiting transactions to their own clients. The new DBS–Kinexys framework changes that, building a regulated bridge that allows tokenised deposits to move securely between banks – and between open blockchains.