JPMorgan Chase, the largest US bank, announced the start of testing its own stablecoin, called JPM Coin. From the information currently available, it is known that the new token will be pegged to fiat currencies, in particular to the American dollar and a number of other popular currencies.
At the moment, the project is undergoing a series of checks and improvements. For this trial launch, the company plans to attract its corporate clients. However, representatives of the bank noted that customers from Europe, the USA and Japan were already interested in the new system. As reported in the bank itself, the process of testing the system can take from two to six months, in particular, to eliminate all possible vulnerabilities and errors.
As part of testing, bank customers will be able to make instant payments between interbank accounts, make money transfers and purchase government bonds. It is known that now the company has not yet made a transaction, as it expects permission from regulators.
Recall that JPMorgan back in February 2019 announced the work on its own cryptocurrency. JPM Coin’s is based on the Quorum blockchain, which is a private version of Ethereum. This blockchain aims to satisfy all wishes and requirements of banking users.