JPMorgan processes a “significant volume” of transactions per day through the JPM Coin system, stated Head of the payments department of the financial institution Takis Georgakopoulos.
JPMorgan’s stablecoin is part of the blockchain-based Onyx platform. It was launched in 2020 with the goal of improving the quality of wholesale translations. As of April 2023, the bank has issued ~$700 billion in short-term loans using Onyx.
In June, JPMorgan representatives reported ~$300 billion of transactions in JPM Coin. For comparison, the conglomerate processes ~$10 trillion in payments per day.
Focused on intra-bank payments, the JPM Coin permissioned system initially worked only with US dollars, but in June support for the euro was added. The financial institution plans to surpass the ~$300 billion transaction mark again within the next year.
The retail version of the payment instrument is not yet available – at the current stage, corporate and “wholesale” clients interact with the system.
JPMorgan, together with DBS and Temasek Holdings, are also working on the Partior interbank payment and clearing system. It was created in 2021 to improve the efficiency of cross-border transactions.
In June, the industrial concern Siemens made payments in euros using JPM Coin.
JPMorgan previously entered into an agreement with six Indian financial institutions to implement a blockchain-based settlement platform.
In May 2022, French conglomerate BNP Paribas joined the Onyx network for tokenized bond transactions.
Source: Cryptocurrency
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