Its only been a month, since Aug 07, 2023, when PayPal launched its PYUSD stablecoin. Following the lead, JP Morgan, which has been long experimenting with blockchain technology, has finally decided to bring a blockchain-based payment solution to the market.
This article explores details about the payment solution and will try it to compare with PayPal’s blockchain enabled payment solution.
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About JP Morgan’s Payment System
JP Morgan is an old institutional player in the crypto space. It had earlier launched a JPM Coin in October 2023. The current payment system is believed to be based on the same JPM coin and its technology.
The payment solution is rumoured to have used a deposit token, which are cryptocurrencies restricted to a specific platform. The deposit token is supposed to be a US-dollar pegged cryptocurrency and it will be interesting to see if it uses the same centralization features like PayPal’s PYUSD.
PayPal’s PYUSD, could withhold any address, pause crypto assets with the users and also wipe their balances, supposedly to comply with AML standards.