JPMorgan's Stablecoin Now Enters Commercial Phase
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JPMorgan Chase's stablecoin dubbed 'JPM Coin' is being used commercially for the first time, Takis Georgakopoulos, JPMorgan Chase Global Head of Wholesale Payments told CNBC.

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The successes of the digital asset has made one of the biggest US banks to create a new blockchain arm and focus specifically on digital currency efforts called Onyx, Georgakopoulos said. The arm already has over 100 employees, he added.

"We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business," Georgakopoulos highlighted.

The bank's stablecoin is reportedly commercially used by a large tech client to send payments around the globe.

Onyx CEO, Umar Farooq, says the new arm can save "75% of the total cost for the industry today, and make checks available in a matter of minutes as opposed to days."

American multinational investment bank began testing its own pegged to the US dollar stablecoin with corporate clients in June 2019.

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Back then, Farooq already pointed out the technology behind stablecoin could enable instant delivery of bonds on a blockchain platform.

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