According to CoinDesk, Mastercard has connected its blockchain system Multi-Token Network (MTN) with JPMorgan's digital asset business Kinexys to enhance B2B cross-border payments.
This collaboration aims to increase transparency, accelerate settlement speed, and reduce time zone friction. Mastercard is inviting multiple banks to join MTN to test tokenized bank deposits, stablecoins, and central bank digital currencies.
Kinexys plans to launch tokenized US dollar and euro foreign exchange in the first quarter of 2025 and expand to other currencies. By integrating MTN and Kinexys, customers can settle B2B transactions through a single API.
Kinexys co-head Naveen Mallela stated that this collaboration will enhance the speed and settlement capability of the digital global commerce and asset value chain.