JP Morgan Extends JPM Coin to Canton Network in Major Blockchain Expansion

JP Morgan took a step to increase its activities in the digital assets by initiating the JPM Coin (JPMD) on the Canton Network. Once deployed on Base in November 2025, the token will operate on a second blockchain. The extension is a new step in the bank’s blockchain strategy aimed at regulated, institutional-quality payments.

JPM Coin is a token of deposit in JP Morgan. The bank’s U.S. dollar deposits are reflected in it. The token facilitates quick 24/7 transfers and settlements among corporates within an institution.

Kinexys, a JP Morgan blockchain and digital payments division, is managing the implementation. The division reported that the move will propel the industry since it aids the effect of transactions on the public blockchain networks. It added that the growth may open new liquidity channels as well.

Canton’s Role in Enterprise Blockchain Development

Canton Network is a Layer-1 permissionless design for institutional finance. It was created by Digital Asset and provides optional privacy features for the regulated use of Permissioned Ledgers. The network is backed by large financial firms like Goldman Sachs, BNP Paribas, Deutsche Börse, and BNY Mellon.

Canton launched in 2024 and is managed by Canton Foundation, an independent entity. The network has now become a proving ground for enterprise blockchain projects. There are limited ones, such as the DTCC pilot of tokenization of US Treasuries.

In June, Digital Asset raised $135 million to expand the Canton ecosystem. DRW Venture Capital and Tradeweb Markets led the round. Digital Asset says the network has some 400 participants, including companies like BNP Paribas, DRW, and Goldman Sachs.

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Institutions can use JPMD for on-chain digital asset settlement, Kinexys said. It also said the token might facilitate cross-border business-to-business transactions. The launch process will then become gradual through 2026.

JP Morgan Explores Deeper Canton Integrations

It is also testing more integrations for the Canton Network. Among the options up for discussion currently is linking JP Morgan’s Blockchain Deposit Accounts with the Canton. Kinexys said it would have additional announcements depending on further evaluations.

JP Morgan first outlined a proposal for a permissioned deposit token in June 2025. The proposal described the token as a choice for institutional clients who necessitate digital cogs issued by banks in the settlement process. Clients would access the token through a wallet provided by Chase, the bank said.

A version of JPM Coin was introduced in 2019 on JP Morgan’s permissioned Onyx blockchain. In 2024, the platform was rebranded Kinexys. The bank has kept up experiments in blockchain across the bank’s operations.

Kinexys is also collaborating with Singapore-based DBS. The two companies are working on an interoperability protocol for tokenized deposit transfers between various blockchain networks. The initiative helps to enable Virtual Settlement Patterns in various systems.

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