Every second as many as 6,000 transactions zap through JPMorgan’s systems globally, as commuters tap their phones to pay for coffees, shoppers buy new clothes online, or businesses send wages to employees living in different corners of the world.
Most people barely think about the behind-the-scenes financial plumbing that makes these and other transactions happen. But crypto companies are seeking to change that by muscling into the financial system and eventually running the money that powers the world.
These efforts centre on stablecoins, a type of digital cash that is pegged one-to-one with currencies such as the dollar, and their expanding role in the financial system.