JPMorgan Chase is taking another step toward making digital money work within 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 partnership would allow JPM Coin – a digital representation of US dollar deposits held at the bank – to be issued, transferred and redeemed in Canton.
- The move signals a growing comfort among major banks in 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 proprietary systems. The investment bank also announced in November that it is partnering with Base to connect to Ethereum (ETH), allowing for seamless integration with other blockchain applications.
Bringing it to Canton would allow those dollars to move across a broader network shared by multiple financial institutions, instead of being confined to a single bank’s ledger.
The Canton Network is designed to synchronize transactions between markets (such as payments, securities and collateral) while limiting who can see what. Proponents 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 JP Morgan, the partnership “advances the industry 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 foundation needed to issue and redeem JPM Coin directly in Canton. Later phases may include the introduction of additional JPMorgan blockchain-based products, such as blockchain deposit accounts, into 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 advisors to recommend crypto allocations starting in January, with no minimum portfolio size required.
Together, these moves suggest that major banks – once openly skeptical of crypto – are increasingly focused on building regulated, bank-controlled versions of digital money that can operate alongside rather than replace traditional markets.
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