Siemens Uses JPMorgan’s JPM Coin to Make Payments in EUR
JPMorgan has used its enterprise-focused blockchain payment platform to offer JPM Coin, a stablecoin for transactions in euros, since June 2023.
The first client was German industrial concern Siemens. With this, corporations can now perform 24/7 wholesale transactions in EUR and USD to/from JPMorgan accounts in various jurisdictions, in contrast to regular banking transactions which can take several days to complete.
According to Basak Toprak, head of JPMorgan Coin Systems at EMEA, the use of JPM Coin also allows for improved liquidity management and more interest earned on deposits. Since launching the project, the bank has processed ~$300 billion of transactions in JPM Coin, although it makes payments of ~$10 trillion per day.
JPM Coin is part of the blockchain-based Onyx platform, which was launched in 2020 to improve bulk transfer quality.
As of April 2023, Onyx has issued short-term loans in the amount of ~$700 billion.
