JPMorgan Chase & Co (NYSE:JPM) is launching JPM Coin on the Canton Network, marking the deposit token’s second deployment on a permissionless blockchain after going live on Coinbase Global Inc’s (NASDAQ:COIN) Base network in November 2025.

Canton Brings Goldman, BNP Paribas, Deutsche Börse

The network offers “configurable privacy” for regulatory and operational needs, allowing institutions to transact on public blockchain infrastructure while maintaining compliance requirements.

JPM Coin is a deposit token issued by JPMorgan, representing U.S. dollar deposits held at the bank. 

It serves as a bank-backed alternative to stablecoins for institutional clients, enabling near-instant, 24/7 peer-to-peer transfers and settlements.

Naveen Mallela, global co-head of Kinexys by J.P. Morgan, said the collaboration moves the industry forward in transacting on public blockchains. 

Bringing JPM Coin onto Canton further increases efficiency and unlocks liquidity.

Phased Rollout Throughout 2026

Digital Asset and Kinexys by J.P. Morgan will take a phased approach to the integration throughout 2026. 

The initial focus will be on establishing technical and business frameworks necessary to support issuance, transfer, and near-instant redemption of JPM Coin directly on Canton.

The collaboration will also explore additional integrations of other Kinexys Digital Payments products, including J.P. Morgan’s Blockchain Deposit Accounts, to expand capabilities available to Canton ecosystem participants.

Yuval Rooz, Co-Founder and CEO of Digital Asset, said the collaboration brings to life the vision of regulated digital cash that can move at the speed of markets. 

Bringing JPM Coin natively to Canton establishes the foundation for modernizing existing financial rails to facilitate more efficient capital flow.

Canton Already Running Major Institutional Pilots

Canton launched in 2024 and is governed by the independent Canton Foundation. 

The network is home to major enterprise blockchain experiments, including the DTCC’s limited pilot to tokenize U.S. Treasury securities.

Digital Asset raised $135 million in a funding round in June led by DRW Venture Capital and Tradeweb Markets Inc to accelerate onboarding real-world assets. 

Digital Asset claims about 400 ecosystem participants on the network, including BNP Paribas, DRW, and Goldman Sachs.

JPMorgan’s Blockchain Evolution

A version of JPM Coin first launched in 2019 on J.P. Morgan’s permissioned Onyx blockchain, which rebranded to Kinexys in 2024.

Dimon has since joined the ranks of financial executives expressing interest in stablecoins and the broader crypto sector.

Mallela said institutions could use JPMD for onchain digital asset settlement and cross-border business-to-business transactions. 

Together with Singapore’s DBS, Kinexys is developing an interoperability framework for tokenized deposit transfers across various blockchain networks.

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