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Volume surge, big banks’ blockchain rails, and JPMorgan’s $1B stablecoin

The Hash Insider

“Uptober” lived up to its name as the Nasdaq Crypto IndexTM (NCITM) recorded another highly favorable week, surging an impressive 14.1%. Bitcoin (BTC), maintaining its frontrunner status, led the charge with a 16.0% increase, even briefly touching the $35,000 mark for the first time since May 2022. Meanwhile, ether (ETH) also enjoyed a solid performance, posting a 9.8% gain.



Spot crypto trading volumes surge to levels not seen since March

Last week, Bitcoin made a significant leap, reaching the $35,000 mark and achieving the highest spot volume trading day since the spring, with trading volumes exceeding $24 billion. Notably, Bitcoin's price upswing had a positive ripple effect on other cryptocurrencies like ETH, SOL, and various alternative coins (alts).


Deutsche Bank and Standard Chartered Test SWIFT Killer for Stablecoins and CBDCs


Deutsche Bank and Standard Chartered's SC Ventures have initiated a pilot program within the Universal Digital Payments Network (UDPN), aimed at facilitating seamless interaction among blockchain-based transactions, stablecoins, and central bank digital currencies. Operating within a regulated and bank-friendly framework, UDPN acts as a bridge for interoperability across diverse blockchain networks, all the while adhering to decentralized digital identity standards.


JPMorgan Says JPM Coin Now Handles $1 Billion Transactions Daily


In a recent interview on Bloomberg Television, JPMorgan Chase & Co.'s Global Head of Payments, Takis Georgakopoulos, disclosed that the bank's digital token, JPM Coin, currently processes daily transactions worth $1 billion. Furthermore, the bank has ambitious plans to expand its usage. Georgakopoulos also indicated that the next phase of their venture involves developing a consumer-oriented version of the asset, with the aim of extending the same efficiency to individual consumers.




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