According to ChainCatcher and ledgerinsights, Axis Bank, one of India's top five banks, will use Morgan Stanley's Kinexys Digital Payments (formerly JPM Coin) for cross-border payments. Swift payments are inevitably limited by bank operating hour differences, while Morgan Stanley's blockchain-based bank accounts enable 24/7 instant payments.

Morgan Stanley has been piloting Kinexys in GIFT City since 2023, first conducting sandbox trials with Axis and four other banks. The city aims to compete with international financial centers like Singapore and Dubai. Earlier this month, it launched tokenization consulting. Meanwhile, other banks using Kinexys include ABC Bank from Bahrain and First Abu Dhabi Bank. Kinexys blockchain supports various other applications, including tokenized collateral. Kinexys's total transaction volume has now exceeded $1.5 trillion, with an average of $2 billion per day.