The expansion targets a longstanding gap in the $230 billion stablecoin market, which is almost entirely dominated by dollar-backed tokens.
JPMorgan has added British pound-denominated accounts to its blockchain-based payments network, Kinexys, expanding its reach beyond U.S. dollar and euro transactions.
This move responds to increasing demand for non-dollar digital settlement options and fills a significant gap in the $230 billion stablecoin market, which is almost entirely dominated by dollar-backed tokens.
Kinexys, originally launched in 2019 as JPM Coin, enables JPMorgan’s institutional clients to transfer funds between accounts and settle foreign exchange trades 24/7.
Initial users of the pound-denominated service include LSEG’s SwapAgent and commodities giant Trafigura.
The addition of euro support last year and now sterling reflects growing interest among corporates in blockchain-based settlement outside the dollar sphere.
Overall, Kinexys processes about $2 billion in transactions daily, a small portion of JPMorgan’s $10 trillion daily payments volume but a notable sign of institutional adoption of blockchain tools in traditional finance.
According to Mallela, 80% of current Kinexys activity still revolves around dollars, but client demand for pound settlements is steadily increasing.
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