JPMorgan Adds GBP Support to Its Blockchain Payments Service Kinexys
Francisco Rodriguez | Edited by Parikshit Mishra on April 14, 2025, 12:55 PM
JPMorgan (JPM) has integrated support for British pound sterling accounts into its Kinexys blockchain payments network as the bank looks to plug a gap created by the stablecoin market’s overreliance on the US dollar.
Launched in 2019 under the name JPM Coin, the Kinexys platform allows corporate clients to move funds between JPMorgan accounts and conduct currency transactions at any time.
The introduction of the pound comes less than a year after the service began processing euro transactions. Navin Mallela, global co-head of the Onyx platform that runs the network, said 80% of Kinexys’ volume is still in dollars, but demand for pound transfers is growing, according to Bloomberg.
The move solves a long-standing problem in the $230 billion stablecoin market, where most tokens are pegged to the dollar. That has limited options for companies that need fast, low-cost payments in other currencies, and led to major financial institutions like Society Generale issuing fiat-backed stablecoins.
The first customers of the new sterling-backed service include SwapAgent, a post-trade company within the London Stock Exchange Group, and Trafigura, one of the world’s largest commodities traders.
The report also found that the Kinexys network currently processes over $2 billion in transactions per day, though that is still only a small fraction of the total $10 trillion daily volume that JPMorgan processes across its payments business.
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