Ordinary Stablecoin or XRP Killer? What We Know About JPMorgan Chase's New Cryptocurrency

On Feb. 14, United States banking behemoth JPMorgan Chase announced its own cryptocurrency.

In March, JPMorgan Chase declared that they were considering making Quorum an independent entity as way to attract more partners that could be scared off if they are competitors of the bank.

In total, JPMorgan Chase moves more than $6 trillion across the world on a daily basis, according to CNBC. It is the largest bank in the country.

JPM Coin resembles a stablecoin - which falls in line with a general trendAccording to the CNBC report, JPM Coins are pegged to U.S. dollars so that its value stays stable - technically, that makes the new token a stablecoin, at least in its initial form.

Clients will reportedly be issued the coins after depositing dollars at JPMorgan Chase.

Goldman Sachs-backed startup Circle launched its USD Coin in collaboration with major U.S. crypto exchange Coinbase, and the Winklevoss twins presented their own stablecoin dubbed the Gemini dollar after receiving the regulatory green light from the New York Department of Financial Services.

"The JPM Coin will be issued on Quorum Blockchain and subsequently extended to other platforms. JPM Coin will be operable on all standard Blockchain networks," the guide says.

Some community members seem more confident about JPM Coin, suggesting that the new token is capable of achieving widespread use, and hence might overtake Ripple in the future.

Banks were obviously never going to use XRP for settlements and enrich Ripple Inc. They would rather enrich themselves instead!

The JPM Coin makes it possible to move dollars between JPMorgan bank accounts instantly.