JPM Coin Reaches $1 Billion in Daily Transactions, Bank Considers Retail Version
JPMorgan’s blockchain-powered stablecoin, JPM Coin, has hit the milestone of processing $1 billion in daily transactions. The digital token, which is pegged to the U.S. dollar, has primarily been used with dollars but recently expanded to include euro-supported payments. Now, JPMorgan is exploring the possibility of supporting additional fiat currencies and even considering launching a retail version of the currency for consumers.
The bank’s global head of payments, Takis Georgakopoulos, revealed in an interview that JPM Coin will continue to expand its usage beyond the U.S. dollar. The stablecoin operates on Quorum, a private fork of the Ethereum network developed by JPMorgan and later acquired by ConsenSys.
JPMorgan also plans to utilize its Onyx division to delve into the central bank digital currency (CBDC) space. The Onyx team will establish separate payment rails for countries interested in implementing their own digital currencies.
Hot Take: JPM Coin Gains Momentum as JPMorgan Explores Retail Market
JPMorgan’s JPM Coin has solidified its position in the cryptocurrency market by surpassing $1 billion in daily transactions. The stablecoin’s success lies in its efficiency and stability, which have attracted users primarily dealing with U.S. dollars. However, JPMorgan aims to broaden its reach by expanding support for other fiat currencies and potentially launching a retail version of the coin for consumer use.
Furthermore, the bank’s venture into the central bank digital currency (CBDC) arena through its Onyx division demonstrates a commitment to exploring new opportunities in the evolving financial landscape. By creating dedicated payment rails for countries interested in CBDCs, JPMorgan is positioning itself as a key player in the future of digital currencies.
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