• XRP community eyes taking a share of the $1 billion daily settlement JPM Coin boasts of.
• Its core features including decentralization, speed, and low cost are catalysts for this ambitious goal.

Top XRP community member WrathofKahneman (WoK) is enthusiastic about the possibility of XRP capturing a slice of the $1 billion-a-day repo market that JPM Coin claims to move. Citing a report from Ledger Insights which claimed that intraday repos represent the bulk of JPM Coin’s movement, the investor took to the X app to share his expectation of XRP. 

The Ledger Insights article of interest highlights a few comments from Takis Georgakopoulos, the Global Head of Payments at JPMorgan. 

Noteworthy, the JPM Coin was released in 2019 as a settlement token and since that time till now, it has been pushed to become a significant player in the blockchain-based settlements terrain. This lofty mission has made JPM Coin the top choice for high-profile institutions like Siemens Treasury which uses it for tokenized deposits and global money transfers. 

It diversifies the way JPMorgan’s institutional clients take part in wholesale payment across global accounts via blockchain. Before this time, the JPM Coin was exclusively utilized for dollar-denominated transactions. It was not until June 2023 that it extended its capabilities to the euro, indicating its fast expansion as traditional financial systems explore possibilities to integrate blockchain technology and digital assets. 

JPM Coin Hit Milestone With $1B Transactions 

A few days ago, it was announced that JPMorgan had hit a significant milestone in terms of the volume of digital asset transactions it facilitates. The banking institution processed up to $1 billion worth of transactions in a single day by using JPM Coin. 

Before including euro-based transactions, JPM Coin had processed up to $300 billion in transactions (dollar-based). Takis Georgakopoulos highlighted this volume of transactions which had been made predominantly in USD. Also, he declared the firm’s position on expanding the coin’s usage to other currencies and use cases. 

Ultimately, this spotlighted the bank’s commitment to pioneering blockchain-based financial solutions. Whenever the talk about expansion eventually happens, there is every likelihood that it would boost the daily volume of the JPM Coin.

Tyrone Lobban, Head of Blockchain and Onyx Digital Assets at JPMorgan’s Onyx project believes that the bank processes more transactions than it is actually capturing in its report. Lobban stated that the correct volume is around $10 trillion per night, with the combined volume of the two largest stablecoins, USDT and USDC at $25 billion. 

The recent ambition of the XRP community about capturing a slice of the $1 billion intraday repo market, voiced through WoK may be achievable taking into consideration the advantages of XRP over the JPM Coin. To start with, XRP, which is closely associated with the Ripple ecosystem, is more decentralized compared to JPM Coin, eliminating initial fears of centralized control. 

Amongst many other capabilities, XRP is globally recognized for its unmatched fast and inexpensive cross-border payment ability which fosters interoperability of the coin. Just like the JPM Coin which is known for its utility, XRP now also has a legal status in the US and this might boost its embrace soon.

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