JPMorgan Chase has expanded its permissioned blockchain settlement network, Kinexys, to support eight major fiat currencies, pushing cumulative transaction volume past the $4 trillion mark.
The platform originally launched as Onyx but was rebranded in November 2024 to reflect its ambition in digital payments and tokenization. Kinexys now processes a daily average exceeding $7 billion.
The newly integrated currencies include the Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi, and Singapore dollar. They join the US dollar, euro, and British pound, which were previously live on the system.
Early corporate adopters include the cross-border payments firm Payoneer and global energy trader JERA Global Markets.
This expansion is critical for the foreign exchange market. Traditional FX settlement can take one to two business days. Kinexys compresses that timeline to near-instant finality and operates continuously, removing the constraints of banking hours and holidays. Multinationals can now settle trade legs across Asia, Europe, and the Americas on a single platform.
The Kinexys network sits alongside JPM Coin, a USD deposit token operating on the ticker JPMD. Unlike algorithmic stablecoins, JPM Coin represents an actual bank liability. It has recently been deployed on Coinbase’s Base network, with integration into the Canton Network expected by 2026. JPMorgan has also tokenized money market funds on Ethereum, including products identified as MONY and JLTXX.