JPMorgan Chase, the largest US banking institution, is preparing to begin testing its stemblecoin JPM Coin by the end of this year.
Umar Farouk, the head of blockchain development at the bank, spoke about the company's intention to initiate a pilot testing of steyblcoin with certain customers at the end of this year. This will be possible when the relevant regulators give the nod to it. Farooq said the company is watching the increase in interest from its international clients to the benefits that JPM Coin has to offer. Recall that the details of the project JPM Coin were disclosed in mid-February 2019.
Interestingly, JPMorgan Chase customers from the United States, Europe, and Japan expressed interest in exploring the capabilities of JPM Coin technology in speeding up transactions related to securities and stocks. Farooq noted that banking steablcoin technology really has the potential to realize the ability to instantly transfer shares through the blockchain. Faruk also drew attention to the fact that the bank is positively tuned to the use of tokenized and digital securities – in 5-20 years certain stocks will be represented in digital form.
