JPM Coin is a dollar-backed cryptocurrency (stablecoin) from the bank JP Morgan Chase, announced in February 2019 as an institution-to-institution service.
JPM Coin is intended to serve as a value token on the Quorum consortium blockchain, using software (called "Quorum") also built by JPMorgan Chase, and is used to facilitate interbank payments on the Interbank Information Network (IIN).[1]
As of October 2023, JPM Coin is used for approximately $1 billion of transactions each day.[2]