JP Morgan announces a stablecoin, JPM Coin, in the quorum blockchain platform on February 2019. JPM Coin is still not an official release; it is in its prototype stages. The aim of JPM Coin is to be able to run on all standard blockchain networks. The JPM Coin is designed to support USD and other currencies. It has a value ratio of 1:1 to USD.
Its payment flow is considered traditional and has at least four transactions across interbank networks through a central bank. This centralized design for a payment clearing system is inefficient and slow. JPM Coin provides real-time gross settlement (RTGS) to clear and settle payments.
There are three steps in the process flow:
- The client deposits USD and receives the same amount of JPM Coin
- The client uses JPM Coin to perform a transaction with another JPM client in the blockchain network (for example, money movement and payments...
