Argentine banks have started testing JPMorgan JPM Coin to improve settlement efficiency. The pilot focuses on backend processes only. It comes as regulators still restrict crypto services but allow limited internal blockchain use across financial institutions.
The trial involves a group of local lenders exploring deposit token infrastructure. The system is designed for institutional workflows. It aims to improve settlement speed and reduce operational friction between banks.
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JPM Coin Pilot Targets Faster Bank Settlements
JPMorgan Chase created JPM Coin to serve as an institutional payment and settlement deposit token based on a blockchain protocol.
The bank Banco CMF became one of the first companies to participate in the pilot. They are participating through their corporate entity QORP. This pilot test is included in the minimum viable product launch, according to a report.
Maximiliano Cohn, the chief information officer of Banco CMF, elaborated upon the goals. In the beginning, banks integrate already existing services. The primary goal is to track changes in the settlement process and reconciliation of transactions.
There are no transfers of funds during the pilot tests. Transactions are carried out with traditional financial institutions. The role of the blockchain network is to keep records and reconcile the transactions.
JP Morgan Pilot Grows Under BCRA Rules
According to industry sources, additional banks will be added to this project shortly. These include Banco Galicia, BIND, and Banco Comafi. Their involvement is still under deliberation.
The pilot will be executed within the current regulations. The Banco Central de la República Argentina (BCRA) does not allow banks to provide cryptocurrency services to their customers. But using blockchain technology internally is still possible.
In November, JPMorgan increased access to JPM Coin in November 2025. This happened after its successful testing on the Base network. It extended the application in January 2026 to the Canton Network.
There is a rise in crypto activities in Latin America. There were transactions worth approximately $1.5 trillion between mid-2022 and mid-2025, according to the Chainalysis 2025 report. Brazil topped the market, while Argentina and Mexico came second and third, respectively.
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