Alibaba’s global B2B platform will deploy tokenized deposits backed by fiat currencies like the U.S. dollar and euro in partnership with JPMorgan to modernize cross-border payments. The system, using JPMorgan’s JPMD blockchain infrastructure, aims to speed up transactions and eliminate intermediaries, allowing direct digital currency transfers. Alibaba will initially focus on bank-issued tokens over stablecoins for regulatory clarity but may consider stablecoins in the future. The approach seeks to cut costs and processing time in international trade, while aligning with compliance requirements.