Argentine Banks Test JPMorgan’s JPM Coin for Faster Settlement Workflows

TLDR

• Argentine banks are reportedly testing JPMorgan’s JPM Coin for internal settlement workflows.
• Banco CMF is among the confirmed participants through its corporate unit QORP.
• The pilot uses blockchain for recordkeeping while traditional systems handle final settlement.
• Argentina’s central bank still bars banks from offering most crypto services to clients.
• Other lenders, including Banco Galicia, BIND, and Banco Comafi, may join the program.

A group of Argentine banks is reportedly testing JPMorgan’s JPM Coin for internal settlement workflows. The pilot is focused on back-end bank operations rather than customer-facing crypto services. Local outlet iProUP reported that Banco CMF is among the confirmed participants.

Banco CMF is taking part through its new corporate unit, QORP. The bank is working within JPMorgan’s minimum viable product for the project. The goal is to test whether tokenized deposit infrastructure can improve settlement and reconciliation between banks.

Maximiliano Cohn, chief information officer of CMF, described the first stage of the pilot. He reportedly said banks are integrating available services to “verify improvements in settlement times and interbank reconciliations.” That places the early focus on operational efficiency rather than product rollout.

The report said the tests are not using real money at this stage. Transactions are still being settled through traditional banking systems. Blockchain is being used to record and reconcile those operations during the pilot.

Pilot remains limited as crypto restrictions stay in place

Argentina’s central bank still restricts banks from offering most crypto-related services to clients. That rule has remained in place since 2022. It bars financial institutions from executing or facilitating digital asset transactions that lack national regulatory approval.

Even so, the current JPM Coin tests do not appear to violate that restriction. The pilot is centered on internal bank infrastructure and not on public crypto services. That has allowed institutions to explore blockchain tools while the broader rule remains under review.

The Banco Central de la República Argentina is reportedly reviewing the 2022 restriction. Any change to that framework could affect how banks use digital asset systems in the future. For now, lenders remain limited to internal applications and controlled testing.

The report said other banks may also join the program. Industry sources cited by iProUP named Banco Galicia, BIND, and Banco Comafi as possible participants. That suggests the pilot could widen if the first phase shows useful results.

JPM Coin expansion continues beyond the United States

JPM Coin is a deposit token created by JPMorgan for institutional use. It is designed to support faster transfers, settlement, and other financial operations between approved participants. The Argentine tests show how the system may be used outside the United States in a limited bank setting.

JPMorgan said in November 2025 that JPM Coin became available to institutional clients. That came after a proof of concept on Base, the layer-2 network developed by Coinbase. In January, the bank also joined Digital Asset to expand JPM Coin onto the Canton Network.

These steps show JPMorgan’s wider push into tokenized financial infrastructure. The bank has focused on institutional use cases rather than retail crypto products. The Argentine pilot appears to fit that same strategy, with attention on cost, speed, and operational control.

The local report said the current concept is still in the design phase. It aims to use distributed ledger technology to reduce costs and improve speed and efficiency. Those are common targets for banks testing tokenized settlement systems.

Latin America’s crypto market growth adds context

The tests are taking place as Latin America continues to post strong crypto activity. Chainalysis said the region recorded nearly $1.5 trillion in transaction volume between mid-2022 and mid-2025. Monthly activity reportedly reached $87.7 billion in December 2024.

Brazil led regional crypto activity during that period. Argentina and Mexico followed behind it, according to the report. That broader growth helps explain why financial institutions in the region are paying more attention to blockchain infrastructure.

For Argentine banks, the current JPM Coin trial remains an internal technology exercise. It is not yet a public launch or a change in customer access. Still, the pilot shows that banks are exploring how tokenized deposit systems may fit into settlement operations.

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