JPMorgan Expands Kinexys Network to Include British Pound Accounts, Targeting Stablecoin Market Gaps

JPMorgan added British pound-denominated accounts to its blockchain-based payments network, Kinexys, aiming to fill a gap left by the stablecoin market’s predominant focus on the U.S. dollar. Kinexys enables corporate clients to transfer funds between JPMorgan accounts and currently processes over $2 billion in daily transactions. The GBP expansion follows the network’s recent capability to handle euro transactions and comes in response to growing demand for pound transfers, despite 80% of Kinexys volume still being dollar-based, according to Naveen Mallela, global co-head of the Onyx platform. According to Bloomberg this move is meant to address a significant limitation in the $230 billion stablecoin market, where most tokens are dollar-tied.