JPMorgan Chase & Co. has achieved a significant milestone in its blockchain initiative with its digital token, JPM Coin, now processing $1 billion worth of transactions daily. The coin, which operates on Quorum, a private blockchain developed by the bank, enables instant payments between clients with accounts at JPMorgan. Each JPM Coin is pegged 1:1 to the US dollar, representing one dollar held in designated accounts at the bank. While $1 billion may seem small compared to JPMorgan’s daily US dollar payments of $10 trillion, it demonstrates significant progress in the adoption of blockchain technology by major financial institutions. JPMorgan plans to expand the use cases for JPM Coin, including cross-border payments and transactions with retail customers. The bank is also developing a digital deposit token to expedite international settlements. Recently, JPMorgan launched its Tokenized Collateral Network (TCN) on its Onyx blockchain, allowing for instant collateral transfers. This was demonstrated when BlackRock tokenized money market fund shares on TCN and transferred them to Barclays as collateral for a trade, showcasing the speed of TCN over traditional settlement methods.

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Information	Details
Geography	North America
Countries
Sentiment	positive
Relevance Score	1
People	Takis Georgakopoulos
Companies	BlackRock, JPMorgan Chase & Co., ConsenSys, Barclays, Quorum
Currencies	US Dollar, USDJPM, Ethereum
Securities	None