The trial involved two other major institutions, Bank ABC and Aluminium Bahrain, also known as Alba. The test enabled Bank ABC to settle real-time payments to Alba’s counterparts in the US using JPM Coin, a blockchain-based payments system and stablecoin pegged to the USD.
The CBB previously disclosed plans to test out JPM Coin in May 2021, stating that the trial could potentially extend to its Central Bank Digital Currency development.
Originally announced in 2019, JPM Coin was commercially launched in October 2020.
The investment bank has been actively promoting its blockchain tech for global use, partnering with Singapore’s largest bank, DBS, to pilot a blockchain payments system. JP Morgan previously provided its Liink blockchain technology to the State Bank of India to reduce transaction costs and improve cross-border payments.
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