JPMorgan Chase & Co is advancing its digital currency initiatives by launching JPM Coin on the Canton Network, an innovative permissionless blockchain infrastructure developed by Digital Asset. This deployment represents the second live blockchain hosting for the JPM Coin following its initial launch on Coinbase's Base network in November 2025.
The Canton Network is characterized by its backing from a consortium of prominent financial institutions, including Goldman Sachs Group Inc., BNP Paribas SA, Deutsche Börse Group, and BNY Mellon among others. Its underlying technology caters to the institutional need for "configurable privacy," enabling participants to conduct transactions on a public blockchain ecosystem while adhering to rigorous regulatory and operational mandates.
JPM Coin acts as a digital representation of U.S. dollar deposits held within JPMorgan, intended to serve as a bank-supported alternative to stablecoins primarily for institutional clients. Its design facilitates rapid, nearly instantaneous peer-to-peer transfer and settlement capabilities on a continuous 24/7 basis, positioning it as a tool to enhance transactional efficiency.
Naveen Mallela, who serves as the global co-head of Kinexys by J.P. Morgan, highlighted the collaboration's role in propelling the industry forward by enabling transactional activities on public blockchains. The integration of JPM Coin into the Canton Network promises to unlock additional liquidity and boost operational efficiency for participating institutions.
The approach to integration is structured as a phased rollout spanning throughout the year 2026. Digital Asset, in partnership with Kinexys by J.P. Morgan, intends to initially focus on establishing the necessary technical and commercial frameworks to support the key functionalities of JPM Coin within Canton. These include issuance, transfer, and near-instantaneous redemption directly on the network.
Further exploration will be directed towards the incorporation of other Kinexys Digital Payments products, such as the Blockchain Deposit Accounts offered by J.P. Morgan, to enrich the suite of services accessible to Canton ecosystem participants.
Yuval Rooz, the Co-Founder and CEO of Digital Asset, emphasized how this collaboration actualizes the vision of regulated digital cash capable of moving with the speed required by markets. By enabling native JPM Coin operation on Canton, the initiative aims to lay the groundwork for modernizing conventional financial infrastructure and facilitating more efficient capital flows.
The Canton Network itself, established in 2024 and overseen by the independent Canton Foundation, is currently hosting several significant enterprise blockchain pilots. Included among these is the Depository Trust & Clearing Corporation’s limited pilot effort to tokenize U.S. Treasury securities. Digital Asset's position in the market has strengthened following a $135 million fundraising round in June led by DRW Venture Capital and Tradeweb Markets Inc., aimed at expediting the adoption of real-world assets on the platform. The network reports approximately 400 institutional participants, encompassing entities such as BNP Paribas, DRW, and Goldman Sachs.
Tracing JPMorgan’s blockchain evolution, the JPM Coin initially debuted in 2019 on the bank's permissioned Onyx blockchain, which has since been rebranded to Kinexys in 2024. While JPMorgan CEO Jamie Dimon previously expressed critical views regarding Bitcoin, the institution has consistently been at the forefront of blockchain experimentation in the financial sector, including the development of Quorum — a permissioned fork of Ethereum tailored for enterprise use. Recent shifts in financial executive perspectives have seen Dimon and others express interest in stablecoins and the blockchain sector more broadly.
Mallela further noted that institutions might leverage JPM Coin for applications such as onchain digital asset settlements and cross-border business-to-business transactions. Additionally, he pointed out ongoing developments with Singapore’s DBS bank aimed at creating a framework to enable interoperability for tokenized deposit transfers across diverse blockchain networks.