As reported by Bloomberg, JPMorgan's Tokenized Collateral Network (TCN) has gone live. This is a collateral settlement application based on blockchain that allows clients to use tokenized assets as collateral.
BlackRock has used TCN and Onyx Digital Assets, JPMorgan's blockchain platform, to tokenize shares in one of its money market funds, and transferred the tokens to Barclays as collateral in an OTC derivatives trade. This was the first transaction using TCN.
According to Tyrone Lobban, head of Onyx Digital Assets, the transfer of tokenized collateral was nearly instantaneous thanks to TCN.
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