Alchemy Smart Wallets Support J.P. Morgan's Historic USD Deposit Token Launch

We're proud to announce a defining moment for institutional blockchain adoption: J.P. Morgan's launch of its first USD deposit token proof of concept on a public blockchain, supported by Alchemy.

This launch is a first-of-its-kind permissioned deposit token on public infrastructure, bringing potentially yield-bearing commercial bank deposits onchain. Alchemy's smart wallets and enterprise-grade infrastructure will be used to help J.P. Morgan to deploy onchain deposits without dealing with gas fees or crypto on the bank's balance sheet.

Accelerating Global Capital Flow Onchain

Traditional institutional financial operations face significant limitations: lengthy settlement times, high intermediary costs, limited operating hours, and complex cross-border workflows. J.P. Morgan's milestone demonstrates how Alchemy’s infrastructure can be used to help transform money movement for the world's leading banks, enabling instant global settlement at institutional scale.

For a decade, Kinexys by J.P. Morgan has been at the forefront of innovation in financial services and launched the world’s first bank-led blockchain platform. The launch of its USD deposit token proof of concept on Base—the Ethereum Layer 2 blockchain built within Coinbase—marks the first time USD-denominated J.P. Morgan deposit tokens for payments have been issued on public blockchain infrastructure, representing a massive shift in how traditional banking approaches onchain finance.

Unlike stablecoins, J.P. Morgan's deposit token is backed by the bank's balance sheet and will be exclusively available to institutional clients. The token will enable 24/7 settlement, near real-time liquidity, and the unique ability, potentially in future phases, to pay interest to holders—advantages that traditional banking systems cannot match.

"We’re excited to see Kinexys by J.P. Morgan be trailblazers in bringing a massive increase in capital availability and efficiency to their institutional clients with its first public blockchain deposit token initiative and we know this will pave the way for the rest of the financial ecosystem to bring the benefits of crypto to their customers," said Nikil Viswanathan, CEO of Alchemy.

This collaboration represents more than a technical milestone—it's a tangible signal that blockchain infrastructure is ready for institutional finance at scale.

Enterprise Infrastructure That Institutions Trust

Kinexys’ decision to launch a deposit token proof of concept on public blockchain infrastructure required institutional-grade capabilities. Alchemy powers $150B+ in onchain transactions with 99.99% uptime—the same reliability that financial institutions like Visa, VanEck, Stripe, and Robinhood have depended on for over 7 years.

Alchemy's SOC 2 Type II certified platform provides transaction limits, contract restrictions, complete audit trails, and privacy compliance that enable institutional banking standards on public rails.

Alchemy Smart Wallets abstract blockchain complexities away, such as gas fees, enabling J.P. Morgan to deploy onchain deposits while maintaining secure, efficient access to onchain liquidity, all without the bank holding crypto on its balance sheet.

Accelerating the Future of Finance Onchain

J.P. Morgan's deposit token proof of concept launch is a milestone moment representing a shift in global financial operations. Major institutions are recognizing that blockchain infrastructure can deliver the operational efficiency, cost savings, and global reach that traditional systems cannot match.

Alex Prager, Head of Kinexys Labs at Kinexys by J.P. Morgan, said, “We have been at the forefront of the industry, pioneering digital payments within our private blockchain environment, and with JPMD, are now bringing commercial bank money onto a leading public blockchain. This historic launch is yet another example of the remarkable outcomes that can be realized through collaboration among the diverse players in the Web3 ecosystem. We are pleased to have had Alchemy’s support in accomplishing this significant milestone for Kinexys.”

Alchemy's comprehensive platform—from smart wallets and reliable nodes to rollups and data APIs —provides the complete foundation that enables institutions to build and scale onchain financial services. Our infrastructure processes billions of requests daily across 99% of countries worldwide, supporting both traditional finance and native crypto applications.

As more financial institutions recognize blockchain's key role in maximizing capital flow, Alchemy is positioned to power this transformation at global scale. 

• Explore more on how Alchemy brings financial services onchain with institutional-grade infrastructure.

• Contact us to chat with us on how Alchemy can accelerate your blockchain initiatives.