JPMorgan Global Payments Co-Head: Tokenized Deposits Outperform Stablecoins

JPMorgan Global Payments Co-Head, Umar Farooq, just made the strongest case yet for tokenized deposits over stablecoins:

“We move $12 trillion daily. A number of financial institutions responsible for these flows are now on the Kinexys platform. And we are doing high single digit billion purely in blockchain terms everyday. That volume is already higher than any stablecoin in the world doing B2B."

➡️ Translation: institutional money flow is already utilizing JPMorgan's Kinexys platform in size for 24/7 programmable payments

1️⃣ The real volume sits with banks, not wallets

Global payments are dominated by financial institutions, not retail stablecoin usage.

2️⃣ The clients that matter are already on-chain

Institutions moving trillions are actively using JPMorgan’s Kinexys rails today.

Notable examples include:

- Chinese eCommerce giant: Alibaba Group and its payment arm Ant International

- Financial services firm: Marex and LSEG

- MENA's largest banks such as Qatar National Bank, The Saudi National Bank, First Abu Dhabi Bank, Emierates NBD, Commercial Bank of Dubai

- Commodity trading house: Trafigura

- German conglomerates: Siemens and BMW Group

- Japanese conglomerate: Mitsubishi

3️⃣ Scale is already ahead of stablecoins (in B2B)

High single-digit billions daily on-chain is not theoretical. It’s production volume exceeding stablecoin B2B flows.

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