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Morgan Stanley analysis suggests that regulators outside the United States are more inclined to support tokenization of bank deposits rather than stablecoins. The Governor of the Bank of England stated a preference for banks issuing tokenized deposits instead of their own stablecoins. Non-holding deposits can be settled at face value, which helps maintain "monetary singularity" and is seen as having regulatory advantages. Morgan Stanley has tested its permissioned deposit token project JPMD on a certain Blockchain network, and on 6

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