JPMorgan’s JPM Coin daily turnover hits $1 billion

JPMorgan processes a “significant volume” of transactions per day through the JPM Coin system, said Takis Georgakopoulos, head of the firm\’s payments division.

“Today we transfer $1 billion daily through JPM Coin for a number of large companies,” the senior executive emphasized.

Stablecoin by JPMorgan is part of the blockchain-based Onyx platform. It was launched in 2020 with the aim of improving wholesale transfers. As of April 2023, with Onyx the bank issued short-term loans totaling ~$700 billion.

In June, JPMorgan representatives reported about $300 billion of JPM Coin transactions. By comparison, the group processes payments of around $10 trillion per day.

The intrabank, permissioned JPM Coin system initially operated only with US dollars, but euro support was added in June. The financial institution plans to surpass the $300 billion transaction mark again within the coming year.

A retail version of the payment instrument is not yet available — at this stage the system interacts with corporate and wholesale clients.

“The next step on the JPM Coin road is to consider creating a more retail version to deliver a comparable level of efficiency for consumers,” said Georgakopoulos.

JPMorgan, alongside DBS and Temasek Holdings are developing also the interbank payment and clearing system Partior. It was created in 2021 to improve the efficiency of cross-border operations.

In June, the industrial group Siemens settled euro payments using JPM Coin.

Earlier JPMorgan entered into an agreement with six Indian financial institutions to roll out a blockchain-based settlement platform.

In May 2022, the French conglomerate BNP Paribas joined the Onyx network for tokenized-bond deals.