Argentine banks are reportedly piloting JPMorgan’s deposit token infrastructure to streamline back-end settlement processes, even as the country’s central bank continues to restrict most client-facing crypto services, local outlet iProUP reports.
Several financial institutions have begun testing JPM Coin, an institutional deposit token. Banco CMF is among the confirmed participants, working through its newly launched corporate division, QORP, as part of JPMorgan’s minimum viable product.
In the initial phase, banks are focusing on integrating available services to assess improvements in settlement speed and interbank reconciliation, according to CMF’s chief information officer, Maximiliano Cohn.
The trials are being conducted without real fund transfers. Instead, transactions are processed through traditional systems, while blockchain technology is used for recording and reconciliation. Other lenders—including Banco Galicia, BIND, and Banco Comafi—are reportedly exploring participation.
The initiative comes as Argentina’s central bank reviews its existing restrictions on crypto-related banking services. While these rules remain in place, they do not prohibit institutions from using blockchain internally.
JPMorgan previously announced in November 2025 that JPM Coin had been rolled out to institutional clients following a proof of concept on Coinbase’s Base network. In January, the bank expanded the token’s reach by collaborating with Digital Asset to integrate it with the Canton Network.
Meanwhile, Latin America continues to see rapid crypto adoption, with transaction volumes nearing $1.5 trillion between mid-2022 and mid-2025. Monthly activity peaked at $87.7 billion in December 2024, according to Chainalysis.
Brazil led the market by a wide margin, accounting for nearly one-third of regional activity, followed by Argentina and Mexico, per the report.
