Mastercard will connect its blockchain system Multi-Token Network (MTN) with JPMorgan’s digital asset business Kinexys to enhance B2B cross-border payments, CoinDesk reported.
The collaboration aims to increase transparency and speed up settlements, and reduce time zone friction. Mastercard invites multiple banks to join MTN to test tokenized bank deposits, stablecoins and central bank digital currencies.
Kinexys plans to launch tokenized USD and EUR FX in Q1 2025 and expand to other currencies. By integrating MTN and Kinexys, clients can settle B2B trades through a single API.
Naveen Mallela, co-head of Kinexys, said the collaboration will enhance value chain speed and settlement capabilities for digital global commerce and assets.