The launch of JPM Coin, a new digital token developed by New York based bank J.P. Morgan Chase & Co., may help rejuvenate the case for blockchain technology, says Moody’s Investors Service in its Feb. 18 Credit Outlook.

Last week, JPMorgan announced the creation of JPM Coin as a pilot program for institutional clients. The new virtual tokens, which are pegged to the U.S. dollar at par, will allow the bank’s clients to transfer funds instantly, thereby reducing settlement risk, Moody’s says.

“Although still at an early stage, the digital coin breathes some life back into blockchain technology, which was criticized during 2018 for falling short of proving tangible use cases,” the rating agency says.

The new token also avoids the volatility that’s associated with cryptocurrencies, Moody’s says, and that it exists within an system backed by JPMorgan also limits counterparty risk.

If the project proves successful, it could also serve to attract new clients to JPMorgan. “The offering can potentially help the bank expand its ecosystem, allowing firms seeking instant value transfer to use this highly sought feature in the global movement of money and payments in securities transactions,” it says.