Markets
A Most Curious Development:
- JPMorgan, in a fit of modernity, has deigned to issue JPM Coin, a digital gewgaw for their institutional chums.
- It functions, apparently, with the aid of Coinbase’s ‘Base’-one shudders to think what that entails.
- Unlike those vulgar ‘stablecoins,’ this is merely a digital IOU, backed by the solid, reassuring weight of…more bank funds. 💰
JPMorgan Chase, a name synonymous with prudent banking and, let’s be honest, rather a lot of money, has seen fit to launch JPM Coin (JPMD). One presumes they felt left out of all the digital shenanigans. It’s for their institutional clients, naturally. One wouldn’t want the hoi polloi getting their hands on it.
The digital ‘coin’-a rather grandiose term, wouldn’t you agree?-represents dollar deposits already languishing at JPMorgan. It facilitates “near-instantaneous” transfers utilising Coinbase’s “Base,” according to Bloomberg’s Mr. Mallela. Though, knowing these things, “near-instantaneous” likely translates to ‘slightly faster than sending a messenger pigeon.’
Payments will, apparently, “settle in seconds.” A revelation! Previously, one had to expect a wait of days. The sheer inconvenience! This triumph of technological progress follows a trial period involving Mastercard, Coinbase, and (heaven help us) B2C2. 🎭
JPMorgan, in its boundless ambition, plans to extend this to other blockchains and, eventually, allow clients’ clients access. Pending, of course, the ever-obliging approval of the regulators. One imagines endless committees and much hand-wringing will be involved.
It will even be accepted as collateral on Coinbase. A veritable endorsement, if ever there was one.
These ‘deposit tokens,’ we are told, are not ‘stablecoins.’ The distinction seems crucial, though precisely why isn’t entirely clear. They are, in essence, digital promises. And unlike those frightfully common stablecoins, these tokens may generate a modest return for the investor. A princely sum, no doubt.
The launch is merely part of a wider trend amongst our global financial institutions-Citigroup, Banco Santander, Deutsche Bank, even PayPal-all desperate to appear relevant in this brave new world of digital payments. Poor souls. 🥴
All, naturally, in accordance with the U.S.’ Genius Act. (A name that rather strains credulity, wouldn’t one say?).
Other banks, predictably, are scrambling to concoct their own versions. The race to digitise debt, it seems, is well and truly on!
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2025-11-12 08:47