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

J.P. Morgan and HQLAx on-chain intraday repoUpdated 7 Nov 2026

Repo traders swap cash held in J.P. Morgan blockchain deposit accounts on Kinexys for collateral held on the HQLAx platform, with settlement and maturity set to the minute. Covers the repo lifecycle from execution to settlement. First demonstrated in 2022; the first phase went live in August 2025, with up to $1 billion traded on a single day and about $5 billion in the first month. No further participants or figures had been published by October 2026.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 7 Aug 2025[1] · Reviewed 24d ago

Assets
Bank depositUndisclosed[1]
Cash leg in J.P. Morgan blockchain deposit accounts
[1]
Collateral held on the HQLAx platform
Networks
Kinexys Private, permissioned[1]
The securities leg sits on HQLAx's own ledger, not yet modelled as a network
HQLAX ledger Private, permissioned[2]
Securities leg: HQLAx locks collateral at a custodian and issues digital collateral receipts on its own DLT.
Use cases
Intraday repo[1]Delivery versus payment (DvP)[1]
Jurisdictions
United States, European Union

Participants

Moves across networks

  • viaOwnera FinP2PKinexys ↔ HQLAX ledger[3]Ownera's FinP2P routers orchestrate DvP between HQLAX collateral and cash in Kinexys blockchain deposit accounts.

Metrics

  • up to $1bn / dayDaily trading volume, phase one · as of Aug 2025[1]
    Figure stated by Ownera's CEO, Ami Ben-David.
  • ~$5bnVolume traded in the first month · as of Aug 2025[2]
    Ledger Insights does not attribute the figure; Finadium's headline gives the same $5bn.

Timeline

  1. Happened 7 Aug 2025 · Launch · recorded 12 Oct 2026
    First phase goes live, swapping HQLAx collateral receipts against cash in Kinexys blockchain deposit accounts through J.P. Morgan's Digital Financing application, routed by Ownera's FinP2P.[3]
  2. Happened 2022 (year only) · Announcement · recorded 12 Oct 2026
    J.P. Morgan, HQLAx and Ownera first demonstrate the cross-ledger intraday repo set-up.[2]

Sources

  1. [1]JPMorgan launches onchain intraday repo solution using its bespoke Kinexys blockchain — The Block, 7 Aug 2025. Accessed 11 Oct 2026.C
  2. [2]JP Morgan, HQLAx, Ownera launch multi DLT repo solution — Ledger Insights, 7 Aug 2025. Accessed 12 Oct 2026.C
  3. [3]J.P. Morgan, HQLA-X, Ownera Launch Intraday Repo Solution — Markets Media, 8 Aug 2025. Accessed 12 Oct 2026. Carries the firms' announcement text and quotes; says the first phase is live and could later add deposit tokens, stablecoins and central bank money..C
  4. [4]HQLAᵡ — HQLAx. Accessed 7 Nov 2026.B
  5. [5]HQLAᵡ — HQLAx, 18 Jun 2024. Accessed 7 Nov 2026.B
  6. [6]HQLAᵡ — HQLAx, 6 Oct 2022. Accessed 7 Nov 2026.B

Spotted something out of date or missing? Suggest a correction, ideally with a source.