Key highlights:
QNB Group adopts JPMorgan’s Kinexys platform for a near-instant, 24/7 US dollar corporate payments in Qatar.
Kamel Moris, executive vice president of transactional banking at QNB, called the change transformative.
Global banks are increasingly accelerating their adoption of distributed ledger technology.
In its latest move toward mainstream adoption, QNB Group, one of the largest financial institutions in the Middle East, has adopted JPMorgan Chase & Co.’s blockchain platform. The integration will facilitate US dollar corporate payments processed by the bank’s Qatar operations.
By turning to JPMorgan’s Kinexys Digital Payments system, QNB is bringing real-time efficiency to corporate banking in Qatar. The platform allows the bank to process US dollar payments for businesses around the clock, cutting settlement times from several days to just minutes. Traditional rails still operate largely on weekdays, with delays that can frustrate companies managing cross-border flows.
Kamel Moris, executive vice president of transactional banking at QNB, called the change transformative. In his words, corporate treasurers want money to move with the same speed as information. “Now we can have a 24/7 service window. We can guarantee payments as fast as in two minutes. It’s a treasurer’s dream.”
The shift reflects a broader trend. Global banks are accelerating their adoption of distributed ledger technology. For years, pilots and experiments showed promise but failed to scale. Now, with platforms like Kinexys, adoption is reaching commercial viability.
The network itself is still modest compared to JPMorgan’s overall payments operations. Launched in 2019, Kinexys already processes $3 billion a day. That figure, however, remains only a fraction of the roughly $10 trillion that moves through the bank’s payment division daily.
JPMorgan, the world’s largest US dollar clearing bank, is betting on its size and reach to drive further growth. By opening Kinexys to other financial institutions, it hopes to extend the service to companies well beyond its own client base. “This is institutional-grade scale,” said Naveen Mallela, global co-head of Kinexys.
Meanwhile, blockchain’s adoption story is not confined to banks. Wyoming has taken a leading step in digital finance with the launch of its own stablecoin, the Frontier Stable Token (FRNT). As the first US state to release a stablecoin, Wyoming is signaling its ambition to lead in blockchain innovation. FRNT is backed by US dollars and short-term Treasury bills, with a 102% reserve requirement that ensures it is fully hedged and secure.
The token is currently live on seven major blockchains, including Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base. Yet despite the launch, FRNT is not widely accessible to the public due to ongoing regulatory challenges. These barriers are expected to ease as clearer frameworks are established.
A potential game changer lies in its integration with Visa. This partnership would allow FRNT to be accepted anywhere Visa is used, both online and offline, and even through mobile wallets like Apple Pay and Google Pay. Such adoption could transform the token from an experimental project into a mainstream payment option.
State officials see further value in government applications, from vendor payments to tax refunds. Governor Mark Gordon has hailed the initiative and has called it a milestone in blockchain regulation and a step toward efficient, secure transactions.
The dedication of Wyoming to the use of blockchain is manifested through several aspects, such as the passage of more than 45 laws regarding the use of blockchain since 2016, which establishes a legal foundation for future use.
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