JPM Coin: Transferring Over $1 Billion in Daily Transactions
JPMorgan, one of the world’s largest banks, recently revealed that its own digital currency, JPM Coin, is now handling over $1 billion in daily transactions. This marks a significant milestone for the American giant, which launched its stablecoin in 2020.
“Today, we are transferring $1 billion a day via JPM Coin for a number of large enterprises.”
– Georgakopoulos
Takis Georgakopoulos, the Global Head of Payments at JPMorgan, shared these figures, emphasizing that while it represents a small fraction of the $10 trillion the bank processes daily, the impact of JPM Coin is undeniable.
In an interview with Bloomberg, Georgakopoulos also explained that JPM Coin aims to address three major inefficiencies in current payment systems: slow cross-border transactions, tracking difficulties caused by the separation of money and information, and problems with money fungibility.
A Commercial Version of JPM Coin in Development?
Since its launch in 2020, JPM Coin has already processed over $300 billion in transactions. Initially, the system only supported US dollars, but it has since been expanded to include the euro.
Currently, JPM Coin operates on an “intra-bank” blockchain-based system, meaning only corporate clients and businesses with relationships with JPMorgan can use JPM Coin for transactions.
However, JPMorgan is considering developing a commercial version of JPM Coin to extend this technology to its retail customers: “The next step is to think about how you can create a more commercial version to bring the same efficiency to consumers.”
JPM Coin is becoming a major player in the digital payments industry, with an impact that could extend beyond JPMorgan and influence the entire banking sector.
