Kinexys
JPMorgan Chase & Co.
Data verified on unchanged since the sources
Worth it if you're an institutional client settling dollars on-chain 24/7: JPMD is a deposit token backed by deposits held at JPMorgan, an OCC-chartered bank.
Avoid it if you're an individual or a small business: access is reserved to institutional clients with full KYC, and JPMD can't be bought outside JPMorgan's perimeter.
Kinexys (formerly Onyx) is JPMorgan's blockchain unit, focused on on-chain payments and settlement for institutional clients. It issues JPMD (JPM Coin), the first bank-issued USD-denominated deposit token, representing USD deposits held at JPMorgan and enabling 24/7 near-instant settlement on blockchain (including Base and Canton Network). It is infrastructure built for institutional clients with regulatory compliance and full KYC.
Data & conditions
| Service type | Stablecoin infrastructure |
|---|---|
| Pricing model | Not disclosed |
| Customer type | Enterprise, Platforms |
| Fund custody | Custodial (platform holds funds) |
| Supported countries | US, EEA, UK, APAC |
| Regulator | OCC (US) |
| Segment | B2B |
| MiCA / License status | OCC National Bank Charter Blockchain unit of JPMorgan Chase Bank, N.A. (OCC-chartered national bank) |
Strengths
- Backed by JPMorgan, an OCC-chartered national bank: deposit token backed by real bank deposits.
- 24/7 near-instant on-chain settlement for institutional clients, with adoption from players such as Coinbase and Mastercard in testing.
- No notable sovereignty advantage documented.
Weaknesses
- Reserved for institutional clients with full KYC: not accessible to end consumers.
- The JPMD deposit token is not an open stablecoin: it is usable only within JPMorgan's institutional perimeter.
- Custodial: the platform holds your funds and can freeze or lose them.
- Subject to regulation (Blockchain unit of JPMorgan Chase Bank, N.A. (OCC-chartered national bank)): reporting to authorities and freezes on order.
Verdict
Score 4.5/5, very strong profile. In its favour: backed by JPMorgan, an OCC-chartered national bank: deposit token backed by real bank deposits. The trade-off to weigh: reserved for institutional clients with full KYC: not accessible to end consumers.
On the Sovereignty lens the score is 0.0/5 (weak): the strength is fund control (0.0/5).
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
What is Kinexys?
It is JPMorgan's blockchain unit (formerly Onyx) for on-chain payments and settlement, issuing the USD deposit token JPMD for institutional clients.
Is JPMD a stablecoin an individual can buy?
No: JPMD is a bank deposit token reserved for JPMorgan's institutional clients, not an open token an individual can purchase.
Sources
- Official service page Descrizione Data verified on Jul 17, 2026
- coindesk.com Data verified on Jul 17, 2026