October 26, 2023

JPMorgan's Digital Token, JPM Coin, Achieves $1 Billion in Daily Transactions, Marking Significant Growth

JPMorgan Chase's digital token, JPM Coin, has witnessed a substantial increase, now handling $1 billion in daily transactions. The bank is also considering options for a consumer-oriented version of this digital deposit token.

JPMorgan Chase & Co's digital token, known as JPM Coin (JPM), has experienced a remarkable surge, with daily transactions reaching $1 billion, as reported by Bloomberg and confirmed by Takis Georgakopoulos, the Global Head of Payments at JPMorgan Chase & Co.

The majority of transactions involving the token are conducted in U.S. dollars on a daily basis. In June 2023, the bank extended its services to include euro-denominated transactions through the JPM Coin.

Since its inception in 2020, JPM Coin has processed a total of $300 million in transactions as of June 2023.

JPM Coin enables wholesale clients to facilitate dollar and euro-denominated payments using a private blockchain network. While it represents a fraction of the substantial volume of U.S. dollar transactions conducted by JPMorgan, this digital asset token is a notable offering from a major bank in the realm of live blockchain applications.

Furthermore, JPMorgan has also implemented a blockchain-based repo application and is actively exploring the possibility of introducing a digital deposit token to enhance cross-border settlements. Georgakopoulos expressed:

"Next step in that journey is to think about how you can create a more retail version of that, so that you can bring that same efficiency to consumers."
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