Top U.S. bank, JPMorgan, has expanded support on its Kinexys blockchain platform to a total of eight currencies for easier cross-border settlements, adding the Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi, and Singapore dollar to a network that has already processed more than $4 trillion in transactions.
Kinexys expands tokenized banking
The five new currencies join the U.S. dollar, euro, and British pound on Kinexys’ Blockchain Deposit Account network, where institutional clients hold bank deposits in tokenized forms and transfer them over a blockchain operated by JPMorgan.
The platform, boasting daily transaction volumes exceeding $7 billion, does not use any cryptocurrencies. Instead, clients deposit cash directly at JPMorgan, and these deposits are represented digitally on the blockchain, with settlements done almost instantly on the network.
All of this happens within the borders of the regulated banking system.
New currencies see first clients
Payoneer, a well-known fintech that handles international payments for businesses, will be among the first to use the Australian dollar version of the service. The company said it plans to use the platform for cross-border payment settlement and for moving funds between markets.
JERA Global Markets, the trading arm of Japanese energy company JERA, has also announced that it would be Kinexys’ first client to use the newly added Japanese yen currency. Energy traders routinely need to move large sums across time zones on tight timelines, making 24/7 access to liquidity an operational advantage.
JPMorgan’s blockchain infrastructure
JPMorgan originally built the network structure under the name Onyx, before rebranding to Kinexys in November 2024. The bank also operates JPM Coin (ticker JPMD), a USD-denominated deposit token that functions as a regulated bank liability and not as any type of stablecoin.
JPM Coin has been deployed on Coinbase’s Base network, an Ethereum L2, with integration into the Canton Network expected before the end of 2026. JPMorgan has also launched tokenized money market funds on Ethereum, identified as MONY and JLTXX.
