JPMorgan adds Singapore dollar to tokenized deposit blockchain platform

JPMorgan Chase’s blockchain unit, Kinexys, has incorporated the Singapore dollar into its global tokenized deposit network. The addition enables financial institutions and multinational corporations to conduct 24‑hour on‑chain foreign‑exchange transactions between the Singapore dollar and six other major currencies, such as the US dollar and the euro, bypassing traditional market closures.

According to Max Neukirchen, global co‑head of JPMorgan Payments, the new capability allows companies to hold smaller cash buffers and cut working‑capital needs, while programmable tokenized deposits can automate fund movements when balances hit predefined thresholds. Kinexys has processed over US$4 trillion in transaction volume to date, with average daily transactions exceeding US$7 billion, representing less than 0.06 % of JPMorgan’s roughly US$12 trillion daily traditional fiat payment flow.