In the saturated stable coin market, JP Morgan is rolling out a coin that is redeemable for fiat and powered by its private permissioned platform Quorum. It is meant for institutional clients who have to go through normal KYC procedures, with the primary use case being B2B payments.
The last bit really sums up it all up. If you’re a corporation and you think that hip solutions like Ripple Labs’ XRP token, or the plethora of regulated stablecoins out there, aren’t quite centralized enough for you, then JPM Coin might be just what you’re after. Although, in light of the Winklevii’s Gemini exchange being forced to close down certain accounts due to a supposed influx of token redemptions, one can’t help but suspect this is a well-crafted ploy at publicity, aimed to make a big splash in a now-oversaturated market.