JPMorgan has expanded its blockchain payments platform, Kinexys, to now include accounts in British pounds, addressing a gap in the stablecoin market that predominantly features U.S. dollar-backed tokens.

Key Points:

• The new offering enables clients to transfer funds using GBP within the Kinexys network.
• This aim to fill a critical void in the market comes as the demand for other currency transactions rises.
• Daily transaction volume on the Kinexys network averages $2 billion, attracting major clients such as LSEG’s SwapAgent and Trafigura.

Since its 2019 launch as JPM Coin, Kinexys has facilitated seamless fund transfers for corporate customers and efficient foreign exchange settlements at any hour. The addition of GBP capabilities aligns with Kinexys’s prior expansion into euro-supporting transactions.

As reported by Bloomberg, while 80% of Kinexys transactions are still dollar-based, the growing interest in pound transfers is now recognized. This enhancement tackles long-standing challenges in the $230 billion stablecoin sector, dominated by dollar-linked assets, by offering alternatives for quick and economical payments in various currencies.

Initial participants in this GBP service upgrade include notable firms like SwapAgent, part of the London Stock Exchange Group, and Trafigura, a leading global commodities trader. With Kinexys processing over $2 billion in daily transactions, it remains a small segment of the overall $10 trillion market that JPMorgan manages across its payment solutions.