Siemens processes euro payments with JPM Coin from JPMorgan

JPMorgan, a financial conglomerate, has offered stablecoin JPM Coin for euro transactions. The first client was Siemens, the German industrial conglomerate, Bloomberg reports.

The blockchain payments platform, oriented toward corporate clients, previously operated only in US dollars.

The system enables wholesale transactions in EUR and USD to and from JPMorgan accounts across jurisdictions, 24/7. This contrasts with traditional banking operations, which are processed only during business hours and take several days.

According to Basak Toprak, head of the coin-based systems division in the EMEA region, the use of JPM Coin allows corporations to earn higher interest on deposits. She pointed to improved liquidity management. In particular, CFO can initiate payments shortly before their due date.

Since the project launch, JPMorgan has processed about $300 billion in JPM Coin transactions. By contrast, the group processes about $10 trillion in payments daily.

The stablecoin is part of the Onyx blockchain-based platform. It запустили in 2020 with the aim of improving the quality of wholesale transfers. By April 2023, with Onyx, the bank issued short-term loans amounting to about $700 billion.

In June 2023, JPMorgan entered into an agreement with six Indian financial institutions to implement a blockchain-based settlement platform.

In May 2022, the French conglomerate BNP Paribas joined the Onyx network for deals with tokenised bonds.