JP Morgan is the First Bank to Launch a Stablecoin. This project is huge because:
* It removes the trust issues around if there really is one US dollar held for each stable coin that has been minted.
* JP Morgan is an entity that regulators can regulate, they have a $2.6 Trillion balance sheet and spend approximately $800M a year on cyber security.
* Everyone in the network will have done Anti Money Laundering (AML) and Know Your * Customer (KYC) checks.
* Conveyancers could be replaced with a smart contract and lands title office integration.
* A regulated stabled coin makes supply chain payments with smart contracts less risky.
The three use cases for the new coin initially are:
* international payments without wire transfers
* securities transactions
* treasury services
Read more: https://hackernoon.com/jp-morgan-just-became-the-first-bank-to-launch-a-stable-coin-16c924a9b36f#jpmorgan#stablecoin#cryptocurrency