Wall Street tokenization aims at institutions, not consumers

Tokenization efforts at major Wall Street banks are built for institutional clients, not everyday consumers. JPMorgan and Citi move billions in tokenized deposits, but only among their own branches and counterparties, keeping the technology in the wholesale realm. A U.K. challenger bank is poised to make the first retail push — a step neither of the big banks has taken — underscoring how tokenized money is being deployed differently across the industry so far.