In November 2023, Umar Farooq, then JPMorgan’s Global Head of Financial Institution Payments, said JPM Coin could soon handle more than $10 billion in daily transactions.
Farooq made the forecast during an interview with Bloomberg Television at the Singapore FinTech Festival. At the time, JPM Coin was handling about $1 billion in daily transactions.
He said JPMorgan expected the system to grow five to ten times within one or two years. The forecast showed how seriously the bank viewed blockchain-based payments for large financial clients.
JPMorgan’s blockchain payments have grown
The prediction is easier to understand today because JPMorgan’s blockchain business has grown far beyond its early stage.
JPMorgan renamed its Onyx blockchain business Kinexys by J.P. Morgan in 2024. Kinexys includes JPM Coin, blockchain deposit accounts, tokenized assets and other blockchain payment tools.
JPMorgan said in 2026 that Kinexys had processed more than $4 trillion since launch and was averaging more than $7 billion in daily transactions. That figure covers the Kinexys platform, not JPM Coin alone.
This difference is important. The original $10 billion goal was about JPM Coin’s expected growth. The newer $7 billion figure covers a larger group of Kinexys services.
JPM Coin itself has also changed. In 2025, JPMorgan launched JPMD, its U.S. dollar deposit token, on Base, an Ethereum Layer 2 network built by Coinbase. The product lets approved institutional clients move bank deposits on-chain around the clock.
That move takes JPM Coin beyond JPMorgan’s private blockchain. It also puts a bank-issued deposit token on a public blockchain, while keeping access limited to institutional clients.
The bank has tested JPMD with firms including Coinbase, B2C2 and Mastercard. JPMorgan says the token can support near-instant transfers, real-time liquidity and programmable payments.
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Singapore remains a key testing ground
JPMorgan’s work in Singapore also shows where its blockchain strategy is heading. In Project Guardian, JPMorgan and Apollo explored ways to use blockchain to manage large investment portfolios. The project looked at tokenized financial assets and automated portfolio management. Singapore’s Monetary Authority continues to list JPMorgan among Project Guardian participants.
Singapore’s work has also moved beyond early tests. MAS launched BLOOM in 2025 to study settlement using tokenized bank money and stablecoins. JPMorgan is among the financial institutions taking part.
JPMorgan has also expanded its blockchain deposit accounts across Asia. In June 2026, it added Singapore dollars, along with four other currencies, to its network. The bank said the network then supported eight currencies and more than $7 billion in average daily transactions across Kinexys.
The result is that Farooq’s 2023 prediction now looks less like a simple bet on one digital coin and more like part of a much larger shift in JPMorgan’s payment systems.
JPM Coin is now being used as part of a wider effort to move bank money, payments and tokenized assets onto blockchain networks. The next test will be whether institutional clients keep using these systems at a scale that can match traditional payment rails.
