JPMorgan is now processing more than $1 billion in daily transactions through JPMorgan Coin, its digital asset, as reported by the bank's global head of payments Takis Georgakopoulos.
The number represents a significant increase since June, when the company reported $US300 million transacted since the coin's launch three years ago.
The surge is attributed to the introduction of euro-denominated transactions within the JPMorgan Coin system earlier this year.
In an interview with Bloomberg TV, Georgakopoulos emphasized that JPMorgan Coin aims to address three major shortcomings of current payment systems.
These include the speed of payments especially for cross-border transactions, the separate movement of funds and information which complicates reconciliation, and the fungibility of money.
The executive also mentioned that the next phase will involve developing a retail version of the asset.
Launched in 2020, JPMorgan Coin is a stablecoin pegged to the U.S. dollar at a 1:1 collateralization ratio.
It is primarily designed as a temporary mechanism for immediate gross settlement among JPMorgan's institutional clients.