WrathofKahneman (@WKahneman), a notable figure in the XRP community, recently began a conversation about XRP’s potential to capture a significant portion of the daily repo market, currently dominated by JPM Coin.
JPM Coin: A Dominant Force
Introduced by JPMorgan in 2019, JPM Coin has successfully positioned itself as a major player in blockchain-based payments.
It boasts an impressive clientele, with Siemens Treasury among its notable users, leveraging it for tokenized deposits and global money transfers. The strength of JPM Coin lies in its intraday repo and token-based collateral management networks.
Read Also: BlackRock and JPMorgan’s Strategic Entry to Ignite XRP Price Surge –Forbes
By June, these mechanisms had processed a staggering $300 billion in trading volume. Beyond the dollar, JPMorgan has its sights on international payments and a retail version for consumers. its commitment to blockchain technology is evident through its involvement in projects like Partior and its exploration of deposit tokens on public blockchains.
Could XRP Take Over the $1 Billion Intraday Market?
WrathofKahneman’s comments highlight the immense potential for XRP to carve out a significant share of the daily repo market. He says, “Love to see #XRP takes a big piece of this pie.” What sets XRP apart are its unique advantages. Unlike JPM Coin, which operates on a permissioned ledger and is controlled by JPMorgan, XRP boasts decentralization and interoperability.
JPM Coin claims to move $1b/day. The potential is amazing, not the token. @LedgerInsights noting intraday repos seem the bulk of movement. Love to see #XRP take a big piece of this pie. https://t.co/HdCJn9zOrp
— WrathofKahneman 🪝 (@WKahneman) October 27, 2023
XRP is not confined to fiat currencies like dollars and euros. It can support various currencies and assets, enabling swift and cost-effective cross-border payments. Additionally, XRP enjoys a broad and diverse user base. By tapping into the $1 billion-a-day repo market, XRP could boost liquidity, generate demand, and further bolster its value and adoption.
Read Also: JPMorgan Evaluates XRP Lawsuit Final Ruling, States Why Coinbase Should Rejoice
The Community Reacts
Crypto Eri (@sentosumosaba), another prominent member of the XRP community, shared a video where the head of JP Morgan Coin on Onyx revealed that the company processes $10 trillion in transactions every day. She clarified that this is for the entire company, not just JPM Coin, but still a staggering amount.
While JPM Coin has demonstrated its prowess, XRP is poised to disrupt the status quo, offering a versatile and decentralized alternative. While this is speculation, there are rumors that the Bank of France is exploring XRP as a bridge Currency for its digital Euro project. Ripple has also been shortlisted by the National Bank of Georgia for a CBDC project.
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