Understanding Native Issuance vs Tokenization:
Native issuance means the security is created, traded, and settled entirely onchain.
No intermediaries reconciling between systems. Faster settlement, lower costs, and full transparency for regulators without exposing positions to the market.
Tokenization wraps an existing off-chain asset and represents it onchain.
The original still lives in legacy infrastructure. You still need custodians, clearinghouses, and reconciliation. It's a digital l...
In his latest annual letter, Jamie Dimon, CEO of JPMorganChase, shared concerns around private credit, particularly limited transparency and inconsistent valuations.
In contrast, public credit, such as the bond markets, benefits from price discovery, liquidity, and established structures.
Tokenization builds on this foundation to enhance access, settlement, and utility.
This is the direction we’re taking with HYBOND.
https://www.jpmorganchase.com/ir/annual-report/2025/ar-ceo-letters