JPMorgan defines deposit tokens as digital representations of deposit claims issued by licensed banks, and their JPMD token serves as a real-world application of this concept.

Quotes that support claims

Deposit tokens are transferable tokens issued on a blockchain but backed by a licensed depository institution with evidence of a deposit that can be claimed against the issuer.

JP Morgan defines deposit tokens as “commercial bank money,” or “transferable tokens issued on a blockchain by a licensed depository institution which evidence a deposit claim against the issuer," according to a Kinexys white paper.