Alibaba Reveals Plans for Tokenized Fiat Payments with JPMorgan

E-commerce giant Alibaba is planning to launch a stablecoin-like global payments system in December that will use its banking partner JPMorgan’s technology, the company said in an exclusive interview with CNBC on Friday, Nov. 14.The system – which Alibaba.com president Kuo Zhang said would comprise tokenized fiat payments – aims to support the company’s e-commerce network and streamline cross-border business-to-business (B2B) payments.Alibaba’s B2B e-commerce platform is experimenting with tokenized USD and EUR to start, with a rollout targeted for next month.To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io