Kinexys is J.P. Morgan's blockchain business unit, the bank-led platform behind JPM Coin, the JPMD deposit token on Base, Kinexys Liink and Kinexys Digital Assets. J.P. Morgan renamed the unit from Onyx to Kinexys on November 6, 2024, and the bank now reports more than $3 trillion in transaction volume across Kinexys since inception on its Kinexys product page.
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The unit is not a cryptocurrency and it does not issue a stablecoin. It runs payment, deposit and tokenization rails for institutional clients, with JPMorgan Chase Bank, N.A. as the bank of record. This article covers what Kinexys is, how JPM Coin and JPMD differ, which products sit under the brand, and where the model has limits. Related reading: what Partior is, Citi Token Services and Bank of America's stablecoin plans.
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Kinexys by J.P. Morgan is the bank's blockchain unit for institutional payments, tokenized deposits and asset tokenization. It was called Onyx until November 2024. It groups JPM Coin, Blockchain Deposit Accounts, programmable payments, onchain FX, the Liink data network and the Kinexys Digital Assets platform under one brand, sold to corporates and financial institutions.
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J.P. Morgan's Kinexys history page traces the unit back to a Blockchain Center of Excellence set up in 2015, followed by the Quorum permissioned blockchain in 2016, the Interbank Information Network in 2017 and JPM Coin in 2019. In 2020 the bank consolidated these projects under the Onyx name. The 2024 rebrand kept the products but renamed them: the JPM Coin System became Kinexys Digital Payments and Onyx Digital Assets became Kinexys Digital Assets, per the rebrand announcement. J.P. Morgan says the name draws on "kinetic" and "connection."
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Leadership sits inside J.P. Morgan Payments. The Kinexys 2026 milestones release names Oliver Harris as Head of Kinexys from April 28, 2026, with Kara Kennedy moving to Global Head of Market Development. Naveen Mallela is listed as Global Co-Head on the about page.
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Per the Kinexys homepage, Kinexys has handled more than $3 trillion in cumulative transaction volume and averages above $7 billion a day, figures the bank reports itself. At the November 2024 rebrand the bank reported $1.5 trillion cumulative and $2 billion daily (J.P. Morgan, Nov 2024), so daily throughput has grown several times over in under two years.
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The growth figures come from J.P. Morgan itself, not an outside auditor. At rebrand the bank said Kinexys had processed more than $1.5 trillion in notional value and averaged over $2 billion a day, with payments transactions up 10x year over year (J.P. Morgan, Nov 2024). The 2026 milestones release put the daily average above $5 billion, and the current Kinexys homepage says more than $7 billion. For context, J.P. Morgan says it moves roughly $10 trillion a day across all payment rails (Kinexys about page), so blockchain rails still carry a small share of the bank's total flow.
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JPM Coin is J.P. Morgan's deposit token: a digital claim on U.S. dollar deposits held at JPMorgan Chase Bank, not a separately reserved stablecoin. It dates to 2019 on the bank's permissioned ledger, per jpmorgan.com, for internal client transfers. Since November 2025 the JPM Coin name also covers JPMD, the public-chain version issued on Base, per the JPMD release.
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The original JPM Coin ran inside J.P. Morgan's private network. Clients held balances in what the bank now calls Blockchain Deposit Accounts, which support eight currencies (USD, HKD, SGD, RMB, JPY, AUD, EUR and GBP) and settle transfers between participating accounts around the clock. The bank describes clients minting JPM Coin directly from a Blockchain Deposit Account when they want to move value onto a blockchain.
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Because JPM Coin represents a bank deposit, it inherits the bank's balance sheet and client onboarding. Only vetted institutional counterparties can hold it. The JPM Coin product page states it is "currently available in USD" and notes a three-hour window each Saturday, 3 to 6 p.m. ET, when funds cannot move between traditional accounts and blockchain deposit accounts. Onchain transfers themselves run 24/7.
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Several named clients have used the wider Kinexys payments stack. BMW Group ran what J.P. Morgan calls its first programmable FX onchain payment through Kinexys, and Siemens Treasury is a published case study, both featured on the Kinexys homepage.
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JPMD is the ticker for J.P. Morgan's USD deposit token on Base, the Ethereum layer 2 network built by Coinbase. It was piloted in June 2025 and opened to institutional clients in November 2025. It is the first Kinexys product issued on a public blockchain, transferable between whitelisted EVM-compatible wallets.
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J.P. Morgan announced the JPMD pilot on June 24, 2025, describing it as a permissioned, USD-denominated deposit token for institutional payments. On November 12, 2025, the bank said JPM Coin (JPMD) was available to institutional clients on Base after a proof-of-concept in which B2C2, Coinbase and Mastercard completed issuance and redemption. The same release says J.P. Morgan plans to extend JPMD to other EVM-compatible networks, without a date.
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"Base offers sub-second, sub-cent, 24/7 settlement, making payment transfers nearly free and instant." Jesse Pollak, creator of Base and VP of Engineering at Coinbase, in J.P. Morgan's November 2025 JPMD release.

In the same release, Thomas Restout, chief executive of B2C2 Group, said JPM Coin helps the firm deliver "real-time, onchain settlement with regulated USD deposit assurance." The practical point: a market maker or exchange can receive dollars on a public chain, at any hour, while the liability stays a J.P. Morgan deposit rather than a claim on a third-party issuer's reserves.
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JPM Coin on the private ledger and JPMD on Base are both J.P. Morgan deposit liabilities available only to onboarded institutions. A payment stablecoin such as USDC is a bearer-style token backed by a segregated reserve and held by anyone on the chain. The difference is who holds it and whose balance sheet backs it.
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Public-chain stablecoins trade on secondary markets and move through any wallet. JPMD does not target retail and cannot circulate freely to unknown holders. For institutions that already bank with J.P. Morgan, the deposit-token model avoids leaving the bank's perimeter. For everyone else, it offers nothing directly.
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Beyond JPM Coin, Kinexys includes programmable payments, onchain FX, the Liink data network with its Confirm account-validation app, digital financing, Kinexys Fund Flow, a tokenized collateral network, tokenized money market funds and the Kinexys Digital Assets platform. Most products are aimed at treasury, fund servicing and collateral workflows.
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The Kinexys product menu groups them into money movement, liquidity, asset lifecycle and shared intelligence. The rebrand release said onchain FX would start with USD and EUR settlement (J.P. Morgan, Nov 2024). The 2026 milestones release lists the launch of Kinexys Fund Flow with J.P. Morgan Private Bank, Asset Management and Citco, plus programmable payments work with BMW Group, FirstRand Bank and Mitsubishi Corporation (J.P. Morgan, 2026).
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Kinexys also connects outward. J.P. Morgan co-founded Partior, a shared settlement network, in 2021 according to the Kinexys timeline. See What Is Partior? for how that network is owned and run.
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Kinexys products work only inside J.P. Morgan's client base, JPMD is USD-only and live on a single public chain, and all volume figures are self-reported. Institutions that bank elsewhere, need other currencies onchain, or want independent attestation will find gaps today.

Institutions that hold JPMD alongside public stablecoins on several chains still need routing between them. That is where stablecoin orchestration layers such as Eco operate, moving value across chains while the deposit token itself stays within J.P. Morgan's rails.
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Yes. J.P. Morgan renamed Onyx to Kinexys on November 6, 2024. The underlying products continued under new names.
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No. J.P. Morgan describes JPM Coin as a deposit token, a digital representation of deposits at the bank (JPM Coin page).
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Base, the Ethereum layer 2 incubated by Coinbase, per the November 2025 release.
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No. J.P. Morgan limits it to institutional clients and vetted counterparties.
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Oliver Harris became Head of Kinexys on April 28, 2026, according to the 2026 milestones release.
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Every figure above comes from J.P. Morgan primary pages, fetched September 30, 2026. Volume numbers are self-reported by the bank.