JPMorgan, one of the leading banks in the United States, has expanded the number of currencies supported on its Kinexys blockchain platform—a network designed to streamline cross-border payments. In addition to the US dollar, euro, and British pound, the bank has now integrated the Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi, and Singapore dollar onto the system, bringing the total to eight supported currencies.
Growth of the tokenized deposit network
The five newly added currencies have joined Kinexys’ Blockchain Deposit Account network. Within this structure, corporate clients can hold their bank deposits in tokenized format and transfer them across JPMorgan’s proprietary blockchain. According to the bank, the network has processed transactions worth more than $4 trillion to date, with daily transaction volumes now exceeding $7 billion.
No cryptocurrencies are used on the platform. Instead, customers deposit cash directly to JPMorgan, which is then represented as digital assets on the blockchain, allowing for near-instant settlement within the network. The entire process operates fully within the regulated banking system.
JPMorgan reports that institutional clients deposit cash directly into the bank, these assets are digitally represented on the blockchain, and transactions are completed within a regulated banking framework in a matter of moments.
First early adopters announced
Payoneer, a prominent fintech firm specializing in international business payments, will be among the first companies to use the Australian dollar component of the service. The company plans to utilize the platform for cross-border payment settlements and for transferring funds between different markets. Payoneer is recognized for providing global payment infrastructure to corporations worldwide.
JERA Global Markets, the trading subsidiary of Japanese energy giant JERA, has also announced that it will be the first client to use the newly added Japanese yen feature. For energy trading companies, seamless access to liquidity at all hours is operationally critical, as they must execute large-value transfers across different time zones in short windows.
JERA Global Markets underscored the importance of uninterrupted liquidity for executing major fund transfers across time zones as it confirmed it would be the first client to use Japanese yen on the platform.
Kinexys infrastructure and its rebranding
JPMorgan initially developed this network under the name Onyx, before renaming it Kinexys in November 2024. Alongside the platform, the bank runs its own USD-denominated deposit token known as JPM Coin, or JPMD. The bank stresses that this instrument is considered a regulated banking liability and should not be classified as a stablecoin.
Mini glossary: A deposit token is a digital representation of funds held in a bank account. Unlike stablecoins, it is backed directly by assets on a bank’s balance sheet and operates within a regulated banking framework.
It has been noted that JPM Coin is now available for use on Base, Coinbase’s Ethereum Layer 2 network. JPMorgan has also stated that integration with the Canton Network is expected to be completed before the end of 2026. In addition, the bank has launched tokenized money market funds on Ethereum under the tickers MONY and JLTXX.
