JPMorgan (JPM) has added support to British Pound-Denominated Accounts to its Blockchain-based Payments Network Kinexys as the bank is targeting a hole left behind by the stableecoin market’s overwhelming focus on the US dollar.

Kinexys was launched in 2019 under the name JPM coin, allowing business customers to move funds between JPMorgan accounts and run currencies at all times.

The addition of the pound comes less than a year after the service was expanded to handle the euro transactions. Naveen Mallela, Global Co chief of the Onyx platform, which operates the network, said 80% of Kinexys volume remains dollar-based, but the demand for pound transfers is growing, Bloomberg reports.

This step deals with a long -term item in the stableecoin market of $ 230 billion, with almost all tokens tied to the dollar. It has limited opportunities for companies that need quick, cheap payments in other currencies and such large financial institutions, including Society General Launches Fiat-Stacked StableCecoins.

The original participants in the extended pound service include Swapagent, a company after trading under the London Stock Exchange Group and Trafigura, one of the world’s largest commodity dealers.

The Kinexys network now processes over $ 2 billion in daily transactions, though it still represents a small sample of $ 10 trillion daily volume JPMorgan handles throughout its payments, the report adds.