Bank ABC, based in Bahrain, has launched a blockchain-based cross-border payment service in collaboration with JPMorgan's Onyx Coin Systems. The service will initially use the US dollar for transactions between Bahrain, the US, UK, Singapore, and Hong Kong, with plans to expand to more locations and transactions with the euro. The new service is expected to be more cost-effective and reduce settlement times compared to traditional solutions. The Central Bank of Bahrain supervised a trial in January 2022, in which JPM Coin was used to settle payments between Aluminium Bahrain and its US counterparties through Bank ABC.