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JPMorgan executed a blockchain-based repo transaction using its JPMCoin wholesale stablecoin and atomic trade settlement that links the two legs of the transaction to ensure that the transfer of one asset occurs if and only if the transfer of the other asset also occurs. "The repo market provides a widely used form of secured financing, however, current operational limitations prevent the meaningful use of such financing to meet intraday liquidity needs. Using blockchain enables borrowers and lenders to execute shorter-term, intraday repo transactions with real-time, simultaneous transaction settlement, creating new ways to access intraday liquidity." https://www.businesswire.com/news/home/20201210005155/en/J.P.-Morgan-Executes-Intraday-Repo-Transaction-Using-Blockchain

Japan's goal of creating a cashless society has got one step closer with the release of J-Coin Pay - a smartphone-based digital wallet that uses QR codes to provide payment services. Despite the name, however, J-Coin has even less to do with cryptocurrency than the recently announced JPMCoin.

One of the oldest bank-backed cryptocurrency efforts is no more as Citibank has confirmed its JPMCoin-like Citicoin project has been shelved.

Goldman Sachs has joined the blockchain-based network created by JPMorgan Chase for repurchase agreements that use smart contracts and a digitized version of the U.S. dollar. On June 17 it swapped a tokenized version of a U.S. Treasury bond for JPMCoin, JPMorgan's internal representation of a digital dollar. The digitized upgrade provides same-day settlement ability using smart contracts on an Ethereum-based blockchain that allow cash and Treasuries to be returned instantaneously.

The JPM Coin team replaced Constellation, Quorum's privacy layer written in the Haskell computer language, with Tessera, which has a similar design, but is built in Java to make it easier for businesses to use and deploy.

JPMorgan Chase is to start trials of its "JPM Coin" cryptocurrency in conjunction with corporate clients.

JPMorgan Chase's JPM Coin digital currency JPM is being used commercially for the first time this week by a large technology client to send payments around the world. That development, along with other behind-the-scene moves, persuaded JPMorgan to create a new business to house its blockchain and digital currency efforts called Onyx. https://www.jpmorgan.com/onyx/index

The first live trades JPMorgan conducted were between the bank's broker-dealer and banking units, using the Onyx blockchain platform. In a test environment, JPMorgan has also traded with Goldman using Bank of New York Mellon Corp. as the triparty agent. Goldman is expecting to join Onyx for intraday repo trading as soon as January.

"JP Morgan has been quietly building an intraday repo market based on its distributed ledger system. The project passed milestones in December 2020, when it completed its first trade, and in June 2021, when Goldman Sachs joined the network. JPMC says that daily volume is in the billions of dollars, still tiny compared to the broader repo market. But this is a core money market institution using blockchain near the center of the existing payment system, so it is an experiment worth watching."

"JP Morgan already enables tokenized U.S. dollar deposits with JPM Coin. Now it plans to enable blockchain-based Euro deposits 'soon'… Most blockchain financial applications sit under JP Morgan's Onyx division. This includes Onyx Digital Assets with an intraday DLT repo application, Liink for messaging around conventional payments and JPM Coin. It's also experimenting with using JPM Coin on a public blockchain as part of Project Guardian, its Singapore DeFi experiments with the Monetary Authority of Singapore."

JPM Coin, which JP Morgan launched in 2019 to move dollars, has gone live with euro transactions. Germany's Siemens AG conducted the first euro payment on the platform. JPM Coin can only move money between JPM branches or to other JP Morgan clients. Hence the bank refers to the solution as blockchain-based bank accounts. JPM Coin is a tiny part of JPMorgan's payments business. The bank has used it to process about $300 billion of transactions since its launch, versus the nearly $10 trillion of payments it processes overall on a daily basis.

Onyx by JP Morgan has launched programmable payments for blockchain-based accounts on JPM Coin. The solution allows users to use an if-this-then-that interface to program their transactions. Customers can control their JPM Coin accounts in new ways such as dynamic funding, in which they can apply various rules for funding a bank account in case of shortfalls, and event-based payouts, in which they can execute transactions depending on various needs such as delivery of assets. On November 6, Siemens AG completed its first payment using the feature, and FedEx and Cargill will be going live with the solution in the next few weeks.

The Central Bank of Bahrain successfully completed a test of J.P. Morgan's JPM Coin System's Onyx. The test enabled Bank ABC to initiate real-time payments from Aluminium Bahrain (ALBA) to ALBA's US counterparties. JPM Coin System is a permissioned blockchain-based system that serves as a payment rail and deposit account ledger, enabling participating entities to transfer US Dollars held on deposit with J.P. Morgan.

First Abu Dhabi Bank (FAB) is the first financial institution to pilot JPM Coin programmable payment functionality. FAB's trials included initiating payments based on time triggers and balance thresholds, for example, the transfer of funds out of an account if the balance is too high, or into the account if it's too low. Or, a planned payment is only sent out depending on its impact on the account balance. https://www.bankfab.com/en-ae/about-fab/group/in-the-media/fab-successfully-pilots-programmable-payments-through-onyx-by-jp-morgan