Argentine banks are running a pilot test of JPMorgan’s deposit token, JPM Coin, to improve the efficiency of payment settlements, Cointelegraph reported on Monday citing local outlet iProUP.

In Argentina, the central bank bans banks from providing cryptocurrency services, but allows their use within internal infrastructure.

Several financial institutions are participating in the JPM Coin pilot, the report said. Banco CMF has been confirmed as taking part in JPMorgan’s minimum viable product test through its newly launched corporate division QORP. Banco Galicia, BIND and Banco Comafi are also said to be considering joining.

CMF Chief Information Officer Maximiliano Cohn (막시밀리아노 콘) said, "In the first phase, banks will verify improvements in settlement times and coordination among participating banks through service integration work."

The test is currently being conducted in a way that does not move real funds. Transactions are settled through existing systems, and the blockchain is used only for records and reconciliation. JPMorgan began providing JPM Coin to institutional clients after completing a proof of concept on Coinbase layer 2 network Base in November 2025. In January, it expanded JPM Coin to the Canton Network in cooperation with Digital Asset.