Transactions of JPMorgan's JPM Coin have surged dramatically, with volumes reaching the high single-digit billions of dollars on some days, according to Umar Farooq, head of Onyx by JP Morgan.

Farooq attributes the surge to the introduction of programmability features, which have expanded the coin's use beyond traditional payments.

Initially launched in late 2020 for 24/7 transaction availability, JPM Coin's programmability has enabled diverse applications, including its use by Siemens for industrial printers.

The surge reflects growing demand for blockchain-based solutions and highlights the limitations of the current financial system in terms of settlement efficiency.

JPMorgan's JPM Coin is emerging as a key player in facilitating faster, more versatile transactions in the financial industry.