Appold Market Watch - Week ending 23 October 2026
Market Update and Industry News - Week Ending 23 October 2026
🔷 Payment provider, Ant International, used HSBC’s tokenised deposits to invest surplus treasury cash in a Franklin Templeton tokenised money market fund through its WhaleRTP platform.
Appold View: This demonstrates a practical treasury use case of putting surplus cash to work while retaining ready access to liquidity. We expect wider adoption by institutions and corporate treasury teams as tokenised deposits and funds enable investment and redemption beyond traditional dealing hours to 24/7.
🔷 JPMorgan deployed JPM Coin, a token representing dollar deposits at the bank, on the Ethereum mainnet, making it available to institutional clients. Previously issued on Coinbase’s Base network, the expansion aims to give clients more options for blockchain payments, trade settlement and backing tokenised assets.
Appold View: JPMorgan’s expansion reinforces Ethereum’s position as a leading network for institutional tokenisation and one that major institutions continue to rely on for innovation. As banks choose where to deploy digital cash, their decisions can influence where liquidity and counterparties concentrate, further strengthening the position of established blockchain networks.
🔷 Banking industry disruptor, Revolut has secured a Distributed Ledger Technology (DLT) Provider licence in Gibraltar for subsidiary Revolut Global Digital Assets Limited, enabling it to offer digital asset services in further international markets beyond the UK and European Economic Area. It has not named target countries or launch dates.
Appold View: Gibraltar was among the earliest jurisdictions to introduce a regulatory framework for DLT businesses. Securing a licence there gives Revolut greater flexibility as regulatory approaches diverge across markets, although its target countries and broader international strategy remain unclear.
🔷 SoFi Technologies launched SoFi Earn (SOFIE), a tokenised bank deposit offering a variable 4.4% annual percentage yield and no minimum balance. Each token represents $1 at SoFi Bank and converts one-for-one into SoFiUSD. Deposits receive Federal Deposit Insurance Corporation (FDIC) cover up to $250,000, with rollout to members continuing through November.
Appold View: SoFi highlights an interesting regulatory contrast where a fully reserved stablecoin cannot pay interest directly to holders under the GENIUS Act, while a tokenised bank deposit can. Linking the two allows customers to earn interest on deposits and convert them into stablecoins when needed for payments.
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