A year-and-a-half after it was first announced, JPM Coin — JPMorgan Chase (NYSE:JPM)'s in-house stablecoin — is now live and in use by a major transnational tech firm for round-the-clock cross-border payments.
According to a report on Oct. 27, this real-world proof that the technology is increasing efficiency and reducing costs has bolstered the megabank's confidence in the technology's promise and profitability. With the expectation that further commercial clients will sign up to use the stablecoin, JPMorgan has created a dedicated business devoted to digital currency and blockchain work.