JPMorgan digital dollar JPM Coin moves onto a public blockchain

JPMorgan Chase is taking another step toward making digital money work inside mainstream finance, announcing plans to issue its JPM Coin directly on the Canton Network, a blockchain designed to let large institutions move money quickly without exposing sensitive data.

Summary

• The collaboration would allow JPM Coin—a digital representation of U.S. dollar deposits held at the bank—to be issued, transferred, and redeemed natively on Canton.
• The move signals growing comfort among major banks with using public blockchain infrastructure, even as they insist on privacy, regulatory oversight, and strict control over how funds move.
• The announcement comes amid a broader shift by Wall Street firms (i.e., Morgan Stanley, Bank of America) toward digital assets.

JPM Coin is already used by institutional clients to settle payments within JPMorgan’s own systems. The investment bank also announced in November that it partnered with Base for its connection to Ethereum (ETH), which allows seamless integration with other blockchain applications.

Bringing it onto Canton would allow those dollars to move across a broader network shared by multiple financial institutions, rather than remaining confined to a single bank’s ledger.

The Canton Network is designed to synchronize transactions across markets—such as payments, securities, and collateral—while limiting who can see what. Supporters argue that this structure makes it more practical for regulated financial firms than fully open blockchains.

According to Naveen Mallela, global co-head of Kinexys by J.P. Morgan, the collaboration “moves the industry forward in transacting on public blockchains.”

The rollout will not happen all at once. Digital Asset and JPMorgan plan a phased integration through 2026, starting with the technical and operational groundwork needed to issue and redeem JPM Coin directly on Canton. Later phases may include introducing additional JPMorgan blockchain-based products, such as blockchain deposit accounts, to the network.

The announcement comes amid a broader shift by Wall Street toward digital assets. Morgan Stanley recently filed with the U.S. Securities and Exchange Commission seeking approval to launch exchange-traded funds tied to cryptocurrency prices. Bank of America, meanwhile, plans to allow its wealth advisers to recommend crypto allocations starting in January, with no minimum portfolio size required.

Together, the moves suggest that large banks—once openly skeptical of crypto—are increasingly focused on building regulated, bank-controlled versions of digital money that can operate alongside traditional markets rather than replace them.