JPMorgan takes JPM Coin to Ethereum mainnet
The bank's USD deposit token JPMD is now live on Ethereum for institutional clients, after launching on Base in November 2025.
TL;DR
- Kinexys by J.P. Morgan brought JPM Coin (ticker JPMD), a USD-denominated deposit token, to Ethereum on Oct. 19, 2026.
- It is available to J.P. Morgan's institutional clients and already ran on Base since November 2025.
- J.P. Morgan describes JPM Coin as a bank-issued deposit token, not a cryptocurrency or stablecoin.
- The Kinexys platform has processed over $4 trillion in cumulative transactions, averaging $7 billion a day, per the bank.
The largest U.S. bank just moved deposit money onto Ethereum's base layer. Kinexys by J.P. Morgan announced on Oct. 19 that JPM Coin (JPMD) is live on Ethereum for institutional clients.
What JPM Coin is
- A USD-denominated deposit token: a digital representation of J.P. Morgan bank deposits on a public blockchain.
- Supports peer-to-peer transfers between institutional clients across EVM chains, now Ethereum and Base.
- First launched on Base, Coinbase's Ethereum layer 2, in November 2025.
Why Ethereum
The bank points to Ethereum's "established depth of onchain liquidity and tokenized assets." JPM Coin joins J.P. Morgan Asset Management's tokenized money market funds, launched on Ethereum earlier this year.
"Issuing JPM Coin first on Base and now on Ethereum is a meaningful step towards providing our institutional clients with multi-chain optionality for moving wholesale money across both the web3 and traditional finance ecosystems." — Emma Landriault, Global Head of Kinexys Labs, per J.P. Morgan
Scale
Kinexys has processed over $4 trillion in cumulative transactions since inception, with an average daily volume of $7 billion, according to the bank's internal data.
What it means for Web3 teams
Analysis: "institutional-grade" is now a concrete bar. Banks ship on public chains with clear legal wrappers and plain-English definitions. If your project pitches institutions, your docs need the same clarity: what the token is, what it is not, who can use it.
FAQ
Is JPM Coin a stablecoin?
J.P. Morgan says no: it is a bank-issued deposit token, not a cryptocurrency or a stablecoin.
Which blockchains is JPM Coin on?
Base (since November 2025) and Ethereum (since Oct. 19, 2026), per J.P. Morgan.
Sources
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