On April 14, 2025, JPMorgan – one of the largest banks in the world – announced the expansion of its blockchain-based payment service Kinexys to support accounts in British pounds (#GBP ), adding to the existing options of US dollars (USD) and euros (#EUR ). This move not only marks a new step in the bank's blockchain strategy but also poses a challenge to the dominance of USD-based stablecoins. Can Kinexys change the game in the global payment industry? Let’s analyze in detail.


Kinexys Adds GBP Support: Meeting Multi-Currency Payment Needs

Kinexys, launched in 2019 under the name JPM Coin, is JPMorgan's blockchain-based payment platform, allowing corporate clients to transfer money between JPMorgan accounts and conduct foreign exchange transactions anytime, anywhere. After adding euro transaction support in 2024, Kinexys has now expanded into the British pound, marking a significant step in meeting the demand for multi-currency payments.


According to Naveen Mallela, global co-director of the Onyx platform operating Kinexys, 80% of the transaction volume on the network is still in USD, but the demand for GBP transfers is growing significantly, according to Bloomberg. This expansion aims to address a major gap in the $230 billion stablecoin market, where nearly all tokens are pegged to USD, making it difficult for companies to make quick and low-cost payments in other currencies.


New Partners and Transaction Scale

Kinexys's GBP support service has attracted major partners from the outset, including SwapAgent – a post-trade company under the London Stock Exchange Group (LSEG) – and Trafigura, one of the largest commodity trading firms in the world. The involvement of these 'giants' highlights Kinexys's potential in meeting the cross-border payment needs of global businesses.


Currently, Kinexys processes an average of over $2 billion in transactions daily – an impressive figure, though it still represents only a small fraction of the $10 trillion in daily transaction volume that #JPMorgan handles across its entire payment business. However, with the current growth rate and expansion into GBP, Kinexys is gradually asserting its position in the blockchain payment sector.


Challenging the Dominance of Stablecoins

The stablecoin market, valued at $230 billion, has long been dominated by USD-pegged tokens like USDT and USDC, leaving businesses needing to transact in GBP or EUR at a disadvantage. This has prompted several major financial institutions, like Societe Generale, to issue fiat-backed stablecoins to meet multi-currency demand. However, JPMorgan's Kinexys offers a more direct solution: a blockchain payment network managed by a leading bank, ensuring security, transparency, and regulatory compliance.


Supporting GBP not only helps companies save costs and speed up payments but also reduces reliance on USD stablecoins, opening up opportunities for more efficient cross-border transactions. With the participation of partners like SwapAgent and Trafigura, Kinexys is proving its ability to capture part of the stablecoin market share in corporate transactions.


Impact on Financial and Blockchain Markets

The expansion of Kinexys is a positive signal for the blockchain industry, showing that this technology is not just limited to cryptocurrencies but can also revolutionize traditional financial systems. JPMorgan, as a global bank, is leading the trend of integrating blockchain into payments, setting a precedent for other financial institutions to follow. This could also spur the development of other blockchain projects, such as DeFi platforms or Web3, as businesses recognize the potential of this technology.


Additionally, this move could impact the stablecoin market. If Kinexys continues to expand support for other currencies and attract more corporate clients, stablecoins like USDT and USDC may face greater competition, forcing them to innovate to maintain market share.


Future Prospects

With a daily transaction volume of $2 billion and the participation of major partners, Kinexys is on track to become one of the world's leading blockchain payment platforms. The addition of GBP support is a strategic move that not only meets the actual market demand but also reinforces JPMorgan's position in the race for financial innovation. In the future, if Kinexys continues to expand into other currencies like Japanese yen or Chinese yuan, this network could reshape how global businesses conduct cross-border payments.


Conclusion: Blockchain Changes the Payment Game

JPMorgan's expansion of Kinexys to support the British pound is a major step, not only challenging the dominance of USD stablecoins but also affirming the potential of blockchain in corporate payments. With a daily transaction volume of $2 billion and the involvement of partners like SwapAgent and Trafigura, Kinexys is ushering in a new era for global payments. Will this platform be able to surpass stablecoins to become the new standard for cross-border transactions? The answer will gradually become clear as JPMorgan continues to innovate and expand.


Risk warning: Crypto investments carry high risks due to price volatility and legal uncertainties. Consider carefully before participating. [Source: Bloomberg, Decrypt]