The newest cryptocurrency on the block has been used in just one trial transaction, and it's already being hailed as a game-changer for digital assets.
JPM Coin, a so-called stable coin that JPMorgan Chase & Co. plans for its clients to use in cross-border payments, is a direct threat to one of the most visible blockchain companies, Ripple, and the digital currency used in its products, according to Tom Shaughnessy, principal at Delphi Digital, a crypto research boutique in New York. XRP, which can be used to facilitate faster, lower-cost international payments, is the third most valuable cryptocurrency by market value.
Ripple has made a name for itself with grand ambitions of replacing the SWIFT network used by banks, individuals, and businesses to send and receive money. In JPMorgan it meets a challenger that already moves more than $5 trillion in wholesale payments each day, meaning even a small experiment from the banking giant could have a big impact.
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