Proposal · Yield.xyz × J.P. Morgan · July 2026 · Private & Confidential

J.P. Morgan built the rails for tokenized cash. We are the yield layer on top.

Kinexys and JPMD gave institutions a bank-issued digital dollar on public chains. Yield.xyz gives that dollar somewhere to go — and gives JPMD somewhere to be distributed. The partnership runs in both directions: supply and demand.

$4T+

Kinexys volume

J.P. Morgan

$7B+

Average daily volume

8 currencies

3,300+

Yield opportunities

Yield.xyz · 85+ networks

400+

Stablecoin strategies

one API surface

SOC 2 II

Certification

the only in category

Infrastructure Crossmint

Privy

Reap

In production across Ledger

Enterprise Utila

+ 190 more

Backed by

+ more

On sourcing

Every J.P. Morgan figure, date, and product status on this page is drawn from public announcements and verified as of June 2026. Nothing here assumes non-public information, and nothing here has been discussed with Kinexys — this is an unsolicited brief, written to be checked.

The proposal

A partnership that runs in both directions.

One is distribution for J.P. Morgan's tokenized products. The other is yield access for J.P. Morgan's clients. Neither depends on the other, and both leave onboarding, eligibility, and signing entirely with the bank.

01 · Supply JPMD · Fund Flow

J.P. Morgan products in the Yield.xyz catalogue

JPMD and Kinexys tokenized-fund products distributed through an institutional integrator network the bank does not natively reach — custody platforms, trading venues, and fintech treasuries. Eligibility and onboarding never leave J.P. Morgan.

Explore the supply side ↓

02 · Demand Keys never move

Tokenized yield for J.P. Morgan clients

Institutional clients holding tokenized cash get standardized, permissioned access to tokenized treasury and fund yield through one API — without J.P. Morgan building protocol-by-protocol integrations.

Explore the demand side ↓

Where J.P. Morgan is today

The digital-assets franchise, as publicly verified.

We wrote this proposal against the record, not against a pitch deck. This is the state of play we are building on.

Product	Status	Proof point
Kinexys platform	Live at scale	More than $4T in cumulative transactions since inception; $7B+ average daily volume across eight settlement currencies. Early adopters of the June 2026 currency expansion include Payoneer and JERA Global Markets.
JPMD USD deposit token	Live on Base since 12 Nov 2025	The first bank-issued USD deposit token on a public blockchain — permissioned, interest-capable, minted from Blockchain Deposit Accounts. B2C2, Coinbase, and Mastercard completed proof-of-concept transactions.
Canton Network	Phasing through 2026 announced 7 Jan 2026	Native JPMD issuance, including exploration of Blockchain Deposit Accounts on Canton. Confirmed participants include Goldman Sachs, DTCC, BNY, BNP Paribas, and Deutsche Börse.
Tokenized collateral Tokenized Collateral Network	Live	BlackRock tokenized money-market fund shares posted to Barclays as OTC-derivatives collateral.
Fund Flow	First transaction done	J.P. Morgan Private Bank, J.P. Morgan Asset Management, and Citco completed the first tokenized fund transaction; wider rollout runs through 2026.
Leadership	Current	Oliver Harris joined as Head of Kinexys in April 2026 (ex-Goldman Sachs) with a commercialization and partnerships mandate. Kara Kennedy is Global Head of Market Development; Kinexys sits under Umar Farooq, Co-Head of Global Payments.

Verified as of June 2026 from public announcements and reporting. Dates are announcement dates; rollout phasing is as stated publicly by J.P. Morgan.

01 · Supply — J.P. Morgan products in the catalogue

Distribution into the client segment the bank does not natively reach.

Yield.xyz lists opportunities through a standardized schema its integrators already consume. Listing a J.P. Morgan product means it becomes discoverable and actionable everywhere that network already runs — with issuer-controlled eligibility passed through, unchanged.

Three supply tracks — click to explore

Why the regulatory position favours this

Deposit tokens occupy a distinct and advantaged place. As bank deposits, they can pay interest lawfully — while the GENIUS Act (signed July 18, 2025, §4(a)(11)) bars payment-stablecoin issuers from paying yield, a line J.P. Morgan's own June 2026 position paper draws as well. JPMD distributed through a standardized access layer is the compliant yield-bearing digital dollar for onchain institutions.

Proposed → List JPMD in the Yield.xyz RWA catalogue as institutional-grade, interest-bearing onchain cash — discovery and transaction construction from us, eligibility and onboarding entirely from J.P. Morgan.

02 · Demand — yield access for J.P. Morgan clients

One integration, from tokenized cash to tokenized yield.

The yield landscape is fragmented and moves weekly. Building it protocol-by-protocol is a permanent maintenance cost; consuming it through one API is not. Product curation stays entirely in the bank's hands — the catalogue is filterable to an approved list, with geo and eligibility controls applied per client.

Three demand tracks — click to explore

Proposed → Scope a single integration covering the full lifecycle — discovery, diligence, execution, and tracking — with J.P. Morgan or the client's custodian retaining signing control at every step.

The architecture

Built around the custody posture, not around us.

Four steps, one invariant: Yield.xyz never touches keys or funds. The API returns unsigned transactions; signing and custody stay where they already are. Click through the flow.

→

Any signing stack Browser wallets, smart accounts, MPC, or institutional custody platforms — the unsigned-transaction model is indifferent to which.

Shield is open source The pre-signing validation layer can be inspected, and deployed inside the client perimeter.

Eligibility stays upstream KYC passes through to the issuer, so every JPMD holder remains a vetted J.P. Morgan client under the BDA framework.

Yield.xyz provides discovery, transaction construction, and portfolio state — never intermediation.

Built to clear bank vendor risk

Certified, audited, non-custodial.

Certification

SOC 2 Type II

The only provider in the category certified, in production for 200+ companies.

Audits

Full reports at trust.yield.xyz.

Custody model

Non-custodial · on-prem available

We never hold funds, keys, or signing authority; Shield deploys inside the client perimeter.

Regulatory posture

DORA addendums executed with EU-regulated clients. MiFID (EU) and UK regulatory coverage is in the process of being obtained via a tight-agent partnership with Assetera (Austria), under which Yield.xyz acts as a single counterparty to multiple issuers — so partners contract once rather than issuer by issuer. An institutional diligence pack (security architecture, DORA addendum template, SLAs, incident-response runbook, sub-processor list) is available under NDA.

Answers to likely questions

Questions the Kinexys team will probably ask.

Does listing JPMD mean Yield.xyz intermediates our client relationship?

No. Eligibility and onboarding remain entirely with J.P. Morgan — our access model passes KYC through to the issuer, so every JPMD holder is a vetted J.P. Morgan client under the Blockchain Deposit Account framework. We provide discovery, transaction construction, and portfolio state. We are not a counterparty, a distributor of record, or a holder of assets.

Does Yield.xyz ever hold funds, keys, or signing authority?

No — never. The API constructs complete, ordered, unsigned transaction flows, batched into a single signable payload where the custody setup calls for it. J.P. Morgan or the client's custodian signs and broadcasts with their own infrastructure. This is the invariant the whole architecture is built around, and it is why the model works across browser wallets, smart accounts, MPC, and institutional custody platforms alike.

Who controls which opportunities our clients can see?

J.P. Morgan does. The catalogue is filterable to an approved list, and geo-restrictions are configurable by country and by US state. Every listed opportunity carries risk and performance data, and jurisdictional eligibility is published for KYC-gated opportunities — so the curation decision is made with the underlying data in hand rather than against it.

What stops a malformed or tampered transaction from reaching our signer?

Shield — an open-source pre-signing validation layer that deterministically checks every generated transaction against per-integration templates for structural correctness and tampering, before it reaches the signer. It can be inspected, and it can be deployed inside the client perimeter. Sentinel Vaults add threshold-based monitoring with automatic de-risking, and Meta Vaults diversify curator exposure.

Why is a deposit token better positioned here than a stablecoin?

Because it can pay interest. The GENIUS Act (signed July 18, 2025, §4(a)(11)) bars payment-stablecoin issuers from paying yield — a line J.P. Morgan's own June 2026 position paper draws as well. As a bank deposit, JPMD is not subject to that bar. Distributed through a standardized access layer, it is the compliant yield-bearing digital dollar for onchain institutions.

Is connecting to third-party tokenized-asset venues new ground for Kinexys?

No — it is established practice. Kinexys has already settled delivery-versus-payment between Ondo's tokenized treasuries and J.P. Morgan deposits in a cross-chain test with Chainlink. Tokenized treasuries already carried by Yield.xyz (Ondo, Securitize, Midas) are natural collateral assets, which is why the collateral track is a plausible later phase rather than a leap.

Where we go from here

Next steps.

A 30-minute introduction call

With the Kinexys team, to confirm which of these synergies carries priority.

Tailored data room and scoped proposal

Fee structures, integration timeline, and a proof-of-concept plan for the selected track.

Institutional diligence pack

Available under NDA at any point via trust.yield.xyz.

Reference for your technical team Field-level schema

Yield.xyz Yield API Data Dictionary

The complete field-level reference for our unified Yield Data API. It documents every endpoint, response object (DTO), enum, and query parameter used across all supported chains and protocols — giving integrators the canonical schema needed to discover yields, read balances and rewards, and construct and track transactions.

View the data dictionary →

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