BNP Paribas joins JPMorgan’s Onyx network, according to reports

The French financial conglomerate BNP Paribas has joined JPMorgan’s Onyx network, developed for repo transactions with bonds. The Financial Times reports.

The solution uses tokenised versions of U.S. government bonds and стейблкоины JPM Coin. Investors utilise assets for a few hours without any actual impact on the state of their balance sheets.

Соглашение РЕПО allows a short-term loan secured by securities. Legally this is framed as a purchase and sale.

The tenor of the loan and settlement times are governed by a smart contract. It guarantees that cash remains in the borrower’s account, and the collateral pledged against the loan is released at the end of the deal.

According to the FT, the bank expects to attract new participants from Europe, the United Kingdom and Asia.

According to the Financial Times, since the launch of the Onyx solution in December 2020 its participants have completed deals totaling more than $300 billion.

Back in June 2021, Goldman Sachs совершил the first operations on the blockchain platform.

Subsequently, JPMorgan, DBS and Temasek announced the creation of a blockchain platform for interbank payments.

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