JPMorgan is expanding the capabilities of its blockchain-based payments network, Kinexys, by adding support for British pound-denominated accounts. This update is part of the bank’s effort to address the stablecoin market’s heavy focus on the U.S. dollar.
JPMorgan Aims Beyond the Dollar
Launched in 2019 as JPM Coin, Kinexys enables corporate clients to transfer funds instantly between JPMorgan accounts. It also facilitates foreign exchange settlements around the clock.
Until recently, the network only supported U.S. dollar and euro transactions. Now, with the addition of the British pound, JPMorgan is taking a major step toward currency diversification in the blockchain payments space.
According to Naveen Mallela, global co-head of the Onyx platform, 80% of Kinexys transactions are still dollar-based. However, demand for GBP transfers is growing rapidly.
Filling the Non-Dollar Gap
The global stablecoin market, valued at over $230 billion, remains almost entirely dollar-centric. This has created a gap for companies operating in non-USD environments. Traditional firms often struggle to access fast, affordable, blockchain-based payment solutions in other currencies.
By adding the pound, JPMorgan is offering a key alternative to fiat-backed stablecoins and helping expand blockchain utility for global businesses.
Early Adopters Join the Expansion
Initial participants in the new pound-denominated service include:
- SwapAgent, a post-trade firm under the London Stock Exchange Group
- Trafigura, one of the largest commodities trading firms in the world
These firms are expected to benefit from faster cross-border settlements and lower operational costs.
Kinexys Keeps Scaling
Today, Kinexys processes more than $2 billion in daily transactions. While that’s still a small slice of JPMorgan’s $10 trillion daily payments volume, it’s a sign of growing confidence in blockchain-backed infrastructure.
As demand continues to build for multi-currency blockchain networks, JPMorgan’s Kinexys blockchain British pound support sets the stage for further global adoption.