JP Morgan Kinexys Supports Bank Payments in 8 Currencies; JPM Coin Limited to Institutional Clients

JPMorgan's blockchain division Kinexys now supports bank payments across eight currencies through its blockchain-based deposit account network, enabling cross-currency settlements and on-chain foreign exchange transactions for participating institutions and multinational corporations. JPM Coin, which moves dollar deposits onto public blockchains, remains restricted to institutional participants. The network functions similarly to traditional demand deposit accounts, allowing payments to be initiated and settled in near real-time. In South Korea, KB Kookmin Bank is pursuing export-import corporate payment services using the Kinexys blockchain deposit account network, following earlier reports of domestic financial institutions' interest in JPMorgan's blockchain-based payment infrastructure. The development signals growing institutional adoption of tokenized deposits for cross-border settlement, with market watchers focused on whether additional Korean banks and multinational corporates will join the network and whether JPM Coin's access will expand beyond its current institutional-only framework.