JPMorgan’s payments department head Takis Georgakopoulos has confirmed that the financial institution’s JPM Coin system processes a significant volume of transactions daily.
According to Georgakopoulos, the bank currently transfers $1 billion through JPM Coin on a daily basis for a variety of large companies.
The stablecoin is part of JPMorgan’s Onyx platform, which was launched in 2020 to enhance the quality of wholesale transactions. As of April 2023, JPMorgan has issued approximately $700 billion in short-term loans using Onyx.
In June, JPMorgan reported $300 billion in transactions using JPM Coin, while the conglomerate typically handles $10 trillion in payments per day.
Initially focused on intra-bank payments and only working with US dollars, support for the euro was added in June.
The bank plans to surpass the $300 billion mark in transactions with JPM Coin in the next year.
Currently, the retail version of the payment instrument is not available and the system is used only by corporate and wholesale clients.
