News, data and analysis on tokenized assets, market design and digital economic systems.
America's largest bank, with $4.9tn of total assets as at 31 March 2026, whose Kinexys unit reports more than $3tn of blockchain transactions since inception and whose JPMD token is a transferable claim on a JPMorgan dollar deposit rather than a stablecoin.
The largest US bank, with $4.9tn of total assets as at 31 March 2026, and the most active bank in tokenised payments through its Kinexys unit, which reports more than $3tn of blockchain transactions since inception and average daily volume above $5bn. Its JPMD token is a transferable claim on a JPMorgan dollar deposit rather than a stablecoin: it became available to institutional clients on Base in November 2025 after a June 2025 proof of concept, and Kinexys and Digital Asset said in January 2026 that it would be issued natively on the Canton Network. The bank is a founding participant in the shared tokenised deposit venture with Bank of America, Citi and other owners of The Clearing House, and one of 54 firms in the tokenisation taskforce HM Treasury convened on 13 July 2026, so its deposit token sets the reference point against which bank-issued money is compared with stablecoins.
Developments in which JPMorgan Chase & Co. is a named party, newest first.
The fourth-largest US bank says corporate and commercial clients will move, program and settle funds around the clock on its own blockchain, starting with a limited dollar to pound exchange and widening through 2027.
DTCC started limited production trading on its DTC Tokenization Service in July 2026, covering Russell 1000 constituent stocks, major ETFs and US Treasury securities.
JPMorgan said on 7 January 2026 that it would issue JPMD, its dollar deposit token, natively on the Canton Network, a privacy-oriented institutional blockchain.
Wells Fargo said on 4 August 2026 that it would offer tokenized deposits to corporate and commercial clients, starting this autumn with a limited US dollar to British pound exchange and widening over 2027 to more clients, countries and currencies. The tokens run on the bank's own blockchain platform and the release says they carry the same deposit insurance eligibility as its existing deposit products.
DTCC began limited production trades on the DTC Tokenization Service in July 2026, covering Russell 1000 constituents, large index-tracking exchange-traded funds and US Treasury bills, notes and bonds, with commercial launch targeted for October 2026. More than 50 firms, among them BlackRock, Goldman Sachs, JPMorgan, Kraken and Circle, joined the industry working group; DTCC said tokenized holdings carry the same entitlements and ownership rights as assets held in conventional form.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
Unsubscribe in one click.