JPMorgan Expands JPM Coin to Canton Network, Deepening Multi-Chain Strategy for Institutional On-Chain Settlement

Bank-Issued Digital Cash Moves Onto Privacy-Focused Public Blockchain as 2026 Rollout Begins

TL;DR

• JPMorgan plans to bring its U.S. dollar-backed JPM Coin (JPMD) natively to the Canton Network in a phased rollout through 2026.
• The move extends JPMorgan’s multi-chain strategy following the token’s earlier deployment on Base, targeting regulated, near-real-time institutional settlement.
• Canton’s privacy-enabled public blockchain is positioned as infrastructure for synchronized settlement across tokenized assets and digital cash.

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JPMorgan is moving deeper into public blockchain infrastructure by announcing plans to deploy its JPM Coin, a U.S. dollar-denominated deposit token, directly onto the Canton Network. The initiative, disclosed in early January 2026, marks a significant step in the bank’s multi-chain strategy and underscores growing institutional demand for regulated digital cash that can operate alongside tokenized assets on shared blockchain rails. The rollout is expected to take place in phases throughout 2026, focusing first on enabling issuance, transfer, and redemption of JPM Coin natively on Canton rather than through bridges or mirrored representations.

JPM Coin, branded as JPMD, differs structurally from conventional stablecoins. Each token represents a direct claim on U.S. dollar deposits held at JPMorgan, positioning it as bank-issued digital cash rather than a reserve-backed or algorithmic instrument. By extending JPMD to Canton, JPMorgan aims to align on-chain cash settlement with institutional workflows that increasingly rely on tokenized securities, collateral, and other digital assets. The bank previously expanded JPM Coin beyond internal systems in November 2025 by launching it on Coinbase’s Base network for institutional clients, a move that signaled its intention to operate across multiple public blockchains rather than committing to a single ecosystem.

Canton Network, developed by Digital Asset, is designed as a public, permissionless Layer-1 blockchain optimized for financial institutions. Its architecture emphasizes configurable privacy, allowing transaction data to remain visible only to authorized counterparties while preserving shared settlement logic across the network. Supporters argue this model addresses a long-standing barrier to institutional blockchain adoption by combining regulatory compliance and confidentiality with the benefits of synchronized, real-time settlement. The network has attracted participation from major financial firms and market infrastructure providers, reinforcing its positioning as an institutional settlement layer rather than a retail-focused chain.

Executives involved in the project framed the JPM Coin expansion as a step toward modernizing legacy payment and settlement rails. Yuval Rooz, co-founder and chief executive of Digital Asset, said the collaboration reflects a broader effort to bring regulated digital cash “to the speed of markets” while maintaining privacy and trust. JPMorgan executives emphasized operational efficiency, noting that on-chain cash capable of settling around the clock could reduce liquidity frictions tied to traditional cut-off times and batch processing. Naveen Mallela, global co-head of Kinexys by JPMorgan, described JPM Coin as combining the security of bank deposits with near real-time blockchain transactions, an approach the bank believes can unlock new efficiencies for institutional clients.

The Canton deployment is expected to begin with core payment functionality before expanding to additional Kinexys Digital Payments offerings, including blockchain-based deposit accounts. JPMorgan has indicated that the phased approach reflects the need to establish technical, legal, and operational frameworks suitable for large-scale institutional use. Rather than treating the launch as a token listing event, the bank is positioning it as infrastructure development designed to support complex financial workflows across asset classes.

Market participants view the move as part of a wider trend in which traditional financial institutions are experimenting with on-chain settlement while maintaining regulatory guardrails. As crypto price index providers, crypto price benchmarks, and coin market cap metrics increasingly reflect activity driven by tokenized assets and institutional participation, the role of regulated digital cash is gaining prominence. JPMorgan’s decision to place JPM Coin on a privacy-focused public blockchain highlights how major banks are attempting to bridge traditional finance and blockchain technology without sacrificing compliance, signaling a gradual but deliberate evolution of institutional on-chain finance.

This article has been refined and enhanced by ChatGPT.