JPMorgan Chase's blockchain unit, Kinexys, has announced a partnership with Digital Asset, the creator of the Canton Network, to bring its bank-issued deposit token, JPM Coin (JPMD), natively onto the public, institutional-grade blockchain. This move extends the bank's deposit token from its existing infrastructure and represents a significant step in its multi-chain strategy, which has already seen JPM Coin deployed on Coinbase's Base network for institutional clients as part of a pilot.
JPM Coin is described as "the first bank‑issued, USD‑denominated deposit token" designed for institutional clients, representing a digital claim on JPMorgan US dollar deposits. Unlike stablecoins from non-bank entities, it combines traditional banking security with blockchain-based settlement. The integration aims to meet growing demand from both digitally native and traditional firms for faster, more secure money movement on public blockchain rails while maintaining compliance and confidentiality.
Yuval Rooz, co-founder and CEO of Digital Asset, stated that the collaboration "brings to life the vision of regulated digital cash that can move at the speed of markets." Naveen Mallela, global co-head of Kinexys by JPMorgan, emphasized that JPM Coin delivers the "security of bank-issued deposits and settlement" along with the "speed and innovation of 24/7, near real-time blockchain transactions," potentially unlocking liquidity and improving capital efficiency.
The Canton Network is a public, permissionless layer‑one blockchain purpose‑built for institutional finance, featuring privacy, compliance, and scalability. It is governed by the Canton Foundation with participation from major financial institutions and aims to provide synchronized settlement across multiple asset classes. Its native token, Canton Coin, supports decentralized governance and application development and has seen recent price rallies following tokenized US Treasury pilots on the network.
The integration will follow a phased approach throughout 2026, initially focusing on establishing the technical and business frameworks to issue, transfer, and redeem JPMD near‑instantly on Canton. The partners also plan to explore integrating other Kinexys Digital Payments products, including JPMorgan’s blockchain deposit accounts, to expand onchain cash management options for participants experimenting with tokenized securities and institutional DeFi workflows.
This development follows JPMorgan's recent move to launch its first tokenized money-market fund, the "My OnChain Net Yield Fund" (MONY), on the Ethereum blockchain, seeded with $100 million of the bank's own capital.
