JPMorgan Expands JPM Coin to Build Interoperable Digital Money Across Blockchains

JPMorgan is accelerating its push into blockchain-based payments by expanding JPM Coin, its deposit token designed for institutional use, as part of a broader vision to create regulated, interoperable digital money that can move near-instantly across global financial markets. According to a spokesperson speaking to CoinDesk, the banking giant plans to extend JPM Coin beyond Base, the Ethereum Layer 2 network developed by Coinbase, to Digital Asset’s privacy-focused Canton Network, with further expansion to additional blockchain platforms in the future.

JPM Coin is a tokenized representation of U.S. dollar deposits held at JPMorgan, allowing institutional clients to make secure, near-instant payments on distributed ledger technology. Unlike stablecoins, JPM Coin functions as a deposit token fully backed by bank deposits, offering compliance, transparency, and operational control. Transactions are limited to whitelisted wallet addresses managed by institutional clients, ensuring regulatory oversight and risk management.

The move to bring JPM Coin natively to the Canton Network marks a significant step toward a multichain settlement system. By operating across multiple blockchain networks, JPMorgan aims to unlock greater liquidity, improve efficiency, and enable seamless institutional payments within a synchronized and secure ecosystem. The bank emphasized that all expansions remain subject to internal review, risk controls, and regulatory approval.

Importantly, JPM Coin operates entirely on public blockchain infrastructure and is separate from JPMorgan’s private Kinexys network. While JPM Coin has never been offered on permissioned systems, Kinexys Digital Payments continues to support Blockchain Deposit Accounts, enabling 24/7 cross-border foreign exchange payments in currencies such as USD, EUR, and GBP. Corporations like Siemens already use Kinexys to execute near-instant FX settlements, overcoming traditional banking settlement constraints.

Looking ahead, JPMorgan plans to introduce additional currencies and extend JPM Coin issuance to both public blockchains and its private Kinexys Digital Assets infrastructure. By bridging public and private blockchain systems, the bank aims to deliver a more integrated digital cash solution for institutional clients, further enhancing liquidity management, cross-border payments, and overall efficiency in global finance.