Financial conglomerate JPMorgan has offered a stablecoin JPM Coin for transactions in euros. The first client was the industrial concern Siemens from Germany, writes Bloomberg.
Previously, the enterprise-focused blockchain payment platform only worked with the US dollar.
The system allows you to carry out wholesale transactions in EUR and USD to/from JPMorgan accounts in various jurisdictions 24/7. This is in contrast to normal banking transactions, which are only processed during business hours and take several days to complete.
According to the head of the JPMorgan Coin Systems Division in EMEA Basak Toprak, using JPM Coin allows corporations to earn more interest income on deposits. She pointed to improved liquidity management. In particular, CFO can initiate payments immediately before they occur.
Since the launch of the project, JPMorgan has processed ~$300 billion of transactions in JPM Coin. For comparison, the conglomerate makes payments for ~$10 trillion per day.
The stablecoin is part of the blockchain-based Onyx platform. It was launched in 2020 to improve the quality of bulk transfers. As of April 2023, with the help of Onyx, the bank issued ~$700 billion in short-term loans.
Recall that in June 2023, JPMorgan 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.
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