Today JP Morgan’s Takis Georgakopoulos told Bloomberg that JPM Coin is used for $1 billion transactions daily. The world’s largest bank started trialing the blockchain instant payments solution in 2019. It’s primarily deployed by institutions and large corporates such as Siemens treasury, which uses tokenized deposits to move money between its subsidiaries worldwide and 24/7.
The bank also has a blockchain intraday repo platform and a new tokenized collateral management network. We’d speculate that settlement on those platforms accounts for a large proportion of JPM Coin transactions. By June, the repo solution had processed $300 billion in trades.
Initially JPM Coin was only for dollar payments, but added euros in June. Georgakopoulos mentioned further expansion is on the cards. That could be related to the recent news that Bahrain’s ABC Bank had soft launched the JP Morgan Coin Systems solution. It started using the solution for payments beween Bahrain and the US, UK, Singapore and Hong Kong. Additionally, the UAE’s FAB recently completed a pilot but has not yet committed.
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