JPMorgan Chase & Co (JPM) is taking its JPM Coin deposit token to the Canton Network, marking the second time the bank has deployed its dollar-backed token on a permissionless blockchain. The first deployment happened in November 2025 on Coinbase Global Inc's (COIN) Base network, and now JPMorgan is expanding to a blockchain infrastructure that's drawing serious institutional firepower.
A Blockchain Built by Wall Street, For Wall Street
Canton isn't some scrappy startup operation. The network, developed by blockchain infrastructure firm Digital Asset, has backing from Goldman Sachs Group Inc. (GS), BNP Paribas SA (BNPQY), Deutsche Börse Group, BNY Mellon (BK), and other major financial institutions, according to The Block.
What makes Canton particularly appealing for these players is its "configurable privacy" feature. Institutions can transact on public blockchain infrastructure while still meeting regulatory and operational compliance requirements. It's the kind of setup that lets banks play in the blockchain sandbox without worrying about exposing sensitive transaction data to the entire world.
For context, JPM Coin is a deposit token issued by JPMorgan that represents actual U.S. dollar deposits held at the bank. Think of it as a bank-backed alternative to stablecoins, but exclusively for institutional clients. It enables near-instant, 24/7 peer-to-peer transfers and settlements, which is a significant upgrade from traditional banking rails that still operate on business-day schedules.
Naveen Mallela, global co-head of Kinexys by J.P. Morgan, framed the move as an industry milestone. The collaboration advances how institutions transact on public blockchains, he noted, and bringing JPM Coin onto Canton increases efficiency while unlocking liquidity.
Rolling Out Through 2026
This isn't happening overnight. Digital Asset and Kinexys by J.P. Morgan are planning a phased rollout throughout 2026. The initial phase focuses on establishing the technical and business frameworks needed to support issuance, transfer, and near-instant redemption of JPM Coin directly on Canton.
Beyond that, the collaboration will explore additional integrations of other Kinexys Digital Payments products, including J.P. Morgan's Blockchain Deposit Accounts. The goal is to expand the capabilities available to participants in the Canton ecosystem.
Yuval Rooz, Co-Founder and CEO of Digital Asset, said the partnership realizes the vision of regulated digital cash that moves at market speed. Bringing JPM Coin natively to Canton creates a foundation for modernizing existing financial infrastructure and facilitating more efficient capital flows.
Canton's Growing Institutional Footprint
Canton launched in 2024 and operates under the governance of the independent Canton Foundation. The network has quickly become home to significant enterprise blockchain experiments, including the DTCC's limited pilot program to tokenize U.S. Treasury securities.
Digital Asset raised $135 million in a June funding round led by DRW Venture Capital and Tradeweb Markets Inc to accelerate the onboarding of real-world assets. The company claims approximately 400 ecosystem participants on the network, including heavyweights like BNP Paribas, DRW, and Goldman Sachs.
From Bitcoin Skeptic to Blockchain Builder
The evolution of JPMorgan's blockchain strategy is worth noting. A version of JPM Coin first launched in 2019 on J.P. Morgan's permissioned Onyx blockchain, which rebranded to Kinexys in 2024.
JPMorgan CEO Jamie Dimon has been famously critical of Bitcoin (BTC), but that hasn't stopped the bank from becoming a Wall Street pioneer in blockchain experimentation. JPMorgan even built Quorum, a permissioned fork of Ethereum (ETH).
More recently, Dimon has joined other financial executives in expressing interest in stablecoins and the broader crypto sector. The stance seems to be: blockchain technology good, unregulated cryptocurrencies questionable.
Mallela explained that institutions could use JPMD for onchain digital asset settlement and cross-border business-to-business transactions. The bank is also working with Singapore's DBS to develop an interoperability framework for tokenized deposit transfers across various blockchain networks.
The Canton deployment represents another data point in the story of traditional finance gradually adopting blockchain infrastructure. These aren't moon-shot experiments anymore—they're strategic initiatives backed by major capital and designed to modernize how money moves between institutions.