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Deployments · Kinexys Digital Payments · platform by J.P. Morgan

Kinexys Digital Payments (blockchain deposit accounts)Updated 8 Nov 2026

J.P. Morgan's blockchain deposit accounts and payments rail, formerly the JPM Coin System. Corporate and institutional clients hold dollar, euro, sterling and, since 2026, several Asian currency balances on the bank's permissioned ledger and move them around the clock between their own entities and other clients, with programmable rules and on-chain FX. The largest bank-run tokenised deposit network tracked here, averaging about $7 billion a day by September 2026.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (scaled)[8] — Hundreds of clients across five continents and daily volume in the billions of dollars. · Reviewed 11d ago

Assets
Bank deposit[2]
J.P. Morgan deposits held in blockchain deposit accounts
Networks
Kinexys Private, permissioned[2]
Use cases
Treasury management[5]Cross-border payments[4]FX settlement[3]Programmable payments[4]
Jurisdictions
United States, United Kingdom, Germany, Singapore, Japan, Hong Kong, South Korea, United Arab Emirates, Saudi Arabia, Qatar, Puerto Rico

Participants

Moves across networks

Metrics

  • over $2bn / dayAverage daily transaction volume · as of Nov 2024[2]
    Kinexys-wide figure (2024 year-to-date mean). No published split by cross-border, domestic or intragroup use: J.P. Morgan gives only platform-wide totals and attributes growth to Kinexys Digital Payments ('payments transactions have grown by 10x'), so recorded under payments (parent).
  • over $1.5tnCumulative transaction volume · as of Nov 2024[2]
    Notional value since inception across all Kinexys products, so it includes Kinexys Digital Financing repo as well as payments; counted under payments on the same basis as the platform-wide daily volume. No published split by cross-border, domestic or intragroup use: J.P. Morgan gives only platform-wide totals and attributes growth to Kinexys Digital Payments ('payments transactions have grown by 10x'), so recorded under payments (parent).
  • over $5bn / dayAverage daily transaction volume · as of Mar 2026[5]
    Kinexys-wide figure. No published split by cross-border, domestic or intragroup use: J.P. Morgan gives only platform-wide totals and attributes growth to Kinexys Digital Payments ('payments transactions have grown by 10x'), so recorded under payments (parent).
  • over $3tnCumulative transaction volume · as of Mar 2026[5]
    Kinexys-wide figure since inception (includes Digital Financing repo); counted under payments on the same basis as the daily volume. No published split by cross-border, domestic or intragroup use: J.P. Morgan gives only platform-wide totals and attributes growth to Kinexys Digital Payments ('payments transactions have grown by 10x'), so recorded under payments (parent).
  • ~$7bn / dayAverage daily transaction volume · as of Sep 2026[8]
    Kinexys-wide figure, from Kinexys internal data. No published split by cross-border, domestic or intragroup use: J.P. Morgan gives only platform-wide totals and attributes growth to Kinexys Digital Payments ('payments transactions have grown by 10x'), so recorded under payments (parent).
  • over $4tnCumulative transaction volume · as of Sep 2026[8]
    Kinexys-wide figure since inception, from Kinexys internal data (includes Digital Financing repo); counted under payments on the same basis as the daily volume. No published split by cross-border, domestic or intragroup use: J.P. Morgan gives only platform-wide totals and attributes growth to Kinexys Digital Payments ('payments transactions have grown by 10x'), so recorded under payments (parent).

Timeline

  1. Happened 2 Sep 2026 · Participant joined · recorded 11 Oct 2026
    KB Kookmin Bank launches a USD trade payment service for Korean importers and exporters on the network, covering ten countries.[8]
  2. Happened 4 Aug 2026 · Participant joined · recorded 15 Oct 2026
    Dukhan Bank goes live as the first Qatari Islamic bank on the network; Kinexys says eight of the Middle East's largest banks already use it.[1]
  3. Happened 3 Jul 2026 · Participant joined · recorded 8 Nov 2026
    Zenus Bank, a US-regulated bank based in Puerto Rico, implements the network for its fintech, programme-manager and bank partners.[11]
  4. Happened 29 Jun 2026 · Scope expansion · recorded 11 Oct 2026
    Australian dollar, Hong Kong dollar, yen, renminbi and Singapore dollar added, taking supported currencies to eight.[7]
  5. Happened 31 Mar 2026 · Participant joined · recorded 11 Oct 2026
    Mitsubishi Corporation becomes the first Japanese corporate to adopt the service.[5]
  6. Happened 9 Dec 2025 · Production milestone · recorded 11 Oct 2026
    BMW runs the first fully pre-programmed on-chain FX transfer between its own accounts in Frankfurt and New York.[4]
  7. Happened 22 Oct 2025 · Scope expansion · recorded 11 Oct 2026
    Siemens and B2C2 complete near-instant USD to EUR on-chain FX payments; GBP is also offered.[3]
  8. Happened 6 Nov 2024 · Announcement · recorded 11 Oct 2026
    Onyx rebrands as Kinexys; the JPM Coin System becomes Kinexys Digital Payments and on-chain FX settlement is announced.[2]

Sources

  1. [1]Dukhan Bank Becomes Qatar's First Islamic Bank to Go Live on Kinexys — Qatar News Agency (Dukhan Bank release on Qatar Stock Exchange), 4 Aug 2026. Accessed 15 Oct 2026.B
  2. [2]Introducing Kinexys — J.P. Morgan, 6 Nov 2024. Accessed 11 Oct 2026.B
  3. [3]Siemens and B2C2 complete onchain FX payments on Kinexys Digital Payments — J.P. Morgan, 22 Oct 2025. Accessed 11 Oct 2026.B
  4. [4]BMW executes programmable FX transaction on Kinexys — J.P. Morgan, 9 Dec 2025. Accessed 11 Oct 2026.B
  5. [5]Mitsubishi Corporation adopts Kinexys Digital Payments for cash management — J.P. Morgan, 31 Mar 2026. Accessed 11 Oct 2026.B
  6. [6]JPMorgan expands digital assets push with Mitsubishi deal as it targets $10bn in daily transactions — DL News, 31 Mar 2026. Accessed 11 Oct 2026.C
  7. [7]J.P. Morgan broadens blockchain settlement network as banks modernize cross-border payments — CoinDesk, 29 Jun 2026. Accessed 11 Oct 2026.C
  8. [8]KB Kookmin Bank launches import/export payment service on Kinexys blockchain deposit accounts — J.P. Morgan, 2 Sep 2026. Accessed 11 Oct 2026.B
  9. [9]Mastercard’s MTN connects to J.P. Morgan’s Kinexys Digital Payments for settlement — Mastercard, 21 Nov 2024. Accessed 14 Oct 2026. mastercard.com returned 403; read from the Internet Archive copy..B
  10. [10]DBS and Kinexys by J.P. Morgan to develop framework for interbank tokenised deposit transfers across multiple blockchains — DBS, 11 Nov 2025. Accessed 14 Oct 2026.B
  11. [11]Zenus Bank Implements Kinexys by J.P. Morgan — Zenus Bank, 3 Jul 2026. Accessed 28 Oct 2026.B

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