JPMorgan Introduces British Pound Support to Kinexys Payments Network

JPMorgan has introduced support for British pound accounts on its blockchain-based payments network, Kinexys, responding to the stablecoin market's focus on the U.S. dollar.

Key points:

Kinexys, launched in 2019 as JPM Coin, enables corporate clients to transfer funds and settle foreign exchange trades anytime.
The service expanded to euro transactions less than a year ago.
Currently, 80% of Kinexys volume is dollar-based; demand for pound transfers is increasing.
This initiative addresses limitations in the $230 billion stablecoin market, where most tokens are dollar-tied.
Initial participants include SwapAgent and Trafigura.
Kinexys processes over $2 billion daily, still a small fraction of JPMorgan's $10 trillion daily payment volume.