JPMorgan Expands Kinexys to Support British Pound Trading, Reshaping Global Stablecoin Market
JPMorgan Chase continues to expand its blockchain initiative as its Kinexys payments network now officially supports British pound (GBP) transactions, marking a step forward in addressing the limitations of the global stablecoin market that is heavily dependent on the US dollar.
According to Bloomberg, the new move comes amid growing demand for remittances in pounds from corporate clients, while the $230 billion stablecoin market remains almost entirely focused on USD-pegged tokens. The addition of GBP allows Kinexys to more flexibly serve cross-border transaction needs, especially in the European and UK markets, where non-dollar stablecoins still have a lot of untapped space.
Kinexys is JPMorgan’s blockchain payments network for corporate clients, allowing them to move money between accounts within the same banking system with speed and efficiency. Kinexys currently processes more than $2 billion in transactions per day, with the majority of that volume still denominated in the US dollar.
Naveen Mallela, global co-head of JPMorgan’s blockchain platform Onyx, said the addition of sterling support follows Kinexys’ recent integration of euro-denominated transactions. “We have seen a growing demand for fast, efficient payments in British pounds from our global partners. This expansion helps address the liquidity gap that existing stablecoins cannot address,” Mallela said.
JPMorgan’s leadership in diversifying the fiat currencies supported on its blockchain network not only gives the bank a competitive advantage, but could also push the entire stablecoin industry to expand beyond the USD. As regulators around the world seek to regulate and reshape the digital financial system, Kinexys is demonstrating a more practical and effective approach – connecting traditional banking systems with modern blockchain solutions.
With the ability to support transactions in USD, EUR and now GBP, JPMorgan is taking steps to realize its vision of a fast, secure, multi-currency global payments infrastructure – an ecosystem that could be the foundation for the next generation of stablecoins.