JPMorgan brings deposit token JPM Coin to Ethereum

JPMorgan has brought its dollar deposit token JPM Coin to Ethereum, giving institutional clients a second public blockchain for peer-to-peer transfers alongside Base. The bank’s Kinexys blockchain unit announced the expansion on October 19, according to The Block’s report on the announcement.

What does JPM Coin represent?

JPM Coin, ticker JPMD, is a digital representation of deposits held at JPMorgan. The bank issues the token on a blockchain, where it can be transferred between institutional clients’ wallets. The token represents bank deposits; it is not described as a claim on a separate reserve of assets. JPMorgan says the onchain format lets clients move money quickly and securely.

Think of it as a bank deposit with a blockchain address: the deposit remains with JPMorgan, while the token provides a way to transfer its value onchain. The token first became available to institutional clients on Base in November 2025. Base is an Ethereum Layer 2 network; Ethereum is the Layer 1 network now added to the offering.

How does the Ethereum expansion change transfers?

Clients can now make peer-to-peer transfers within the Ethereum Virtual Machine ecosystem, which includes both Base and Ethereum. Kinexys says the expansion gives clients access to JPM Coin on Ethereum as well as Base. The announcement does not describe a bridge or say that a token transfer between the two networks happens automatically.

That distinction matters: adding Ethereum gives clients another network on which to use the token, but it does not establish that every transfer between Base and Ethereum is seamless. JPMorgan said Ethereum’s onchain liquidity and tokenized assets made it a natural next network for JPM Coin.

Who can use it, and what is the scale?

The offering is for JPMorgan’s institutional clients. The announcement describes peer-to-peer transfers between those clients, rather than a token available for general public use. It does not name a launch-day client or report a volume of JPM Coin transfers on Ethereum.

Kinexys said its platform has processed more than $4 trillion in cumulative transactions since inception and averages $7 billion in daily transaction volume. Those figures cover the platform, not JPM Coin alone. The Ethereum move extends the bank’s public blockchain offering beyond Base, while the underlying token continues to represent dollar deposits held at JPMorgan.

Sources and documents

• The Block’s report on the announcement — theblock.co