JPMorgan expands Kinexys blockchain to 8 currencies, has now processed $4T in transactions

JPMorgan’s blockchain payments platform, Kinexys, now supports eight major currencies for round-the-clock cross-border settlement. The platform has processed more than $4 trillion in cumulative transactions.

The five newly added currencies are the Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi, and Singapore dollar. They join the US dollar, euro, and British pound, which were already live on the platform.

What Kinexys actually does

Kinexys runs on a permissioned blockchain, meaning only vetted participants get access. The platform averages daily transaction volumes exceeding $7 billion.

JPMorgan originally launched this infrastructure under the name Onyx. The rebrand to Kinexys happened in November 2024, a move the bank said reflected broader capabilities in digital payments and tokenization beyond just interbank settlement.

Early adopters of the expanded currency support include Payoneer, a publicly traded cross-border payments company, and JERA Global Markets, a major player in global energy trading.

JPM Coin and the tokenization push

Kinexys is only one piece of JPMorgan’s blockchain strategy. The bank also operates JPM Coin, a USD-denominated deposit token trading under the ticker JPMD. It functions like a stablecoin, but with a key difference: it represents an actual deposit at JPMorgan, making it a regulated bank liability rather than an algorithmic or reserve-backed token.

JPM Coin has recently been deployed on Coinbase’s Base network, a Layer 2 built on Ethereum. Integration with the Canton Network is also underway, with completion expected throughout 2026.

Beyond payments, JPMorgan has also launched tokenized money market funds on Ethereum, including products identified as MONY and JLTXX.

Why this matters for the broader market

The eight-currency expansion is particularly significant for the foreign exchange market. Traditional FX settlement still relies heavily on a system where trades execute in seconds but settle over one or two business days. Kinexys compresses that into near-instant finality, and it does so without shutting down on weekends or holidays.

For multinationals managing treasury operations across Asia, Europe, and the Americas, the addition of JPY, CNY, HKD, AUD, and SGD covers a substantial portion of global trade flows. A company selling goods in Japan and paying suppliers in Singapore can now settle both legs on the same platform without waiting for overlapping banking hours.