J.P. Morgan Plans to Issue Its JPM Coin Deposit Token Natively on Canton
Kinexys and Digital Asset announced a phased rollout through 2026 that would let institutions issue, transfer and redeem JPMD on Canton, the token's second network after Base.
Digital Asset and Kinexys by J.P. Morgan announced on 7 January 2026 that they plan to bring JPM Coin (JPMD), J.P. Morgan's US dollar deposit token, natively to the Canton Network. The Block called it the token's second extension, after its launch on Base.
What was announced
According to The Block and Ledger Insights:
- Native issuance. Institutions would be able to issue, transfer and redeem JPMD directly on Canton.
- A phased rollout. The work is planned in phases throughout 2026, beginning with the technical and business frameworks.
- More Kinexys products. Kinexys is considering further integrations, such as bringing J.P. Morgan's Blockchain Deposit Accounts to Canton.
- Use cases. Naveen Mallela, global co-head of Kinexys, said institutions could use JPMD for on-chain digital asset settlement and cross-border business-to-business payments.
No launch date was given. This was a plan, not a live deployment.
What JPMD is
JPMD is a deposit token: a digital representation of US dollar deposits held at J.P. Morgan, which institutional clients can use for payments around the clock. Unlike a stablecoin, it is a claim on a bank deposit. The Block traced its history: a first version of JPM Coin ran on J.P. Morgan's permissioned Onyx blockchain from 2019, Onyx was rebranded Kinexys in 2024, and JPMD launched on Base, the Coinbase-supported Ethereum layer 2, in November 2025. Ledger Insights noted that it is available only to institutional users.
Mallela told The Block: "In bringing JPM Coin onto Canton, we can further increase efficiency and unlock liquidity."
Context
Digital Asset says about 400 ecosystem participants are on Canton, according to The Block. Ledger Insights reported that Lloyds Bank announced a pilot deposit token transaction on the network earlier the same day.
Why it matters
A deposit token from the largest US bank would bring bank money, not only stablecoins, to Canton's settlement layer. That matters for the network's core use cases, such as repo and collateral, where institutions prefer to settle in commercial bank money. JPMD's arrival on a privacy-focused public network alongside Base also shows banks choosing more than one chain for the same instrument.
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