摩根大通分析稱，美國以外監管機構正更傾向支持代幣化銀行存款而非穩定幣。英國央行行長表示偏好銀行發行代幣化存款，而非自有穩定幣。非持有型存款可按面值結算，有助於維護「貨幣單一性」，被視為更具監管優勢。摩根大通已在Base Layer 2上測試其許可型存款代幣項目JPMD，並於6月提交了相關商標申請。  

JPMorgan analysis shows that regulators outside the United States are increasingly inclined to support tokenized bank deposits rather than stablecoins. The Governor of the Bank of England stated a preference for banks to issue tokenized deposits instead of their own stablecoins. Non-custodial deposits can be settled at par, which helps maintain 'monetary singularity' and is regarded as having more regulatory advantages. JPMorgan has tested its permissioned deposit token project JPMD on Base Layer 2 and filed a related trademark application in June.