Investment banking giant JPMorgan officially released a new blockchain coin “Onyx” along with the blockchain protocol to support its use. The stablecoin is focused on settling cross-border payments in a faster way. JPMorgan's global head of wholesale payments Takis Georgakopoulos said that the launch of Onyx is a shift, “to a period of commercialization of those technologies, moving from research and development to something that can become a real business.” Major international technology firms have already used the JPM Coin for cross-border payments. The bank is also working on a new independent central bank payment rail, which may be a part of the upcoming CBDC boom.
Why it matters: It should be very clear that the established financial system is under tremendous strain and is looking for ways to create new forms of money. If JP Morgan is actively entering the digital payments and blockchain space, we should consider the collapse of the Western banking system as a real possibility in the near future. It is obvious that the central banks aren't going to go down without a fight, and CBDCs are probably part of what will be rolled out next. There is a gulf between decentralized money like Bitcoin and the Onyx token, and these centralized systems do nothing to address the systemic problems that will tear the current system apart.