JPMorgan’s blockchain division, Kinexys (formerly Onyx), has launched GBP-denominated blockchain deposit accounts in the U.K., expanding its real-time settlement services beyond euros and dollars.
The new accounts support 24/7 cross-border transactions and FX, including weekend and same-day settlements, enhancing speed and flexibility.
SwapAgent and Trafigura are the first clients to adopt the GBP accounts. Trafigura plans to use them for real-time global payments and automated treasury operations via Kinexys’ programmable payment tools.
Since launching in 2019, Kinexys has processed over $1.5 trillion, though it remains a small part of JPMorgan’s overall $10 trillion daily payment volume. The rollout marks a milestone in blockchain-based financial services in the U.K. and supports round-the-clock operations.
JPMorgan Chase revealed that more corporate clients are using its proprietary cryptocurrency for instant cross-border payments, though access is limited to large institutions that meet regulatory standards. The bank is also testing its Kinexys blockchain platform to streamline international payments and debt issuance.
This development reflects a growing trend among financial institutions exploring fiat-backed digital currencies as alternatives to U.S.-centric stablecoins. For example, Société Générale has launched euro-denominated stablecoins to meet rising demand.
JPMorgan analysts caution that upcoming stablecoin regulations could challenge Tether (USDT), favoring more transparent, regulation-compliant alternatives. This shift could impact the DeFi space, where USDT plays a key role in providing collateral and liquidity.
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