JP Morgan’s digital assets arm, Kinexys, took the stage at Money 20/20 USA to talk blockchain muscle, tokenisation and universal ledgers with Mastercard.
Raj Dhamodharan, EVP of blockchain digital asset products and digital partnerships at Mastercard, and Naveen Mallela, global co-head at Kinexys, emphasised the industry’s tipping point and what it means for payments.
Mallela said the transformative force for payments lies in tokenisation, not only for the infrastructure it enables, but for its impact on liquidity.
“Payments often suffer because liquidity isn’t available at the right time. The ability to deliver liquidity just in time, enabling payments to be made at any point, is what’s truly transformative about tokenisation,” he said.
This shift toward just-in-time liquidity and programmable payments, underpinned by platforms like JP Morgan’s, is reshaping cross-border money movement and multi-currency interoperability.
Dhamodharan said Mastercard’s focus is on making “different types of currencies work with each other” while ensuring “a fully compliant framework.”
The firm’s crypto credential technology, developed with partners such as JP Morgan, is designed to bring interoperability and regulatory alignment to blockchain-based money movement.
Looking ahead, both executives said the future lies in shared, universal ledgers and programmable finance.
“The banking stack of the future will be universal ledgers, shared, smart-contract-driven automation replacing traditional payment rails,” said Mallela.
Dhamodharan agreed, noting that the convergence of traditional and digital finance “isn’t about competition; it’s about orchestration across ecosystems.” Read more on Kinexys’ initiatives here: JP Morgan on rewiring capital markets from within – Capital Pioneer.
