At a glance

  • JPMorgan’s blockchain unit, Kinexys, said on Monday that JPM Coin (ticker JPMD), a token that represents US dollar deposits at the bank, is now available to institutional clients on Ethereum.
  • JPMD launched on Base on 12 Nov 2025. It now supports peer-to-peer transfers across Ethereum Virtual Machine (EVM) networks, including Base and Ethereum, according to The Block.

Kinexys by J.P. Morgan announced the move in a statement shared with The Block, and Bloomberg reported the announcement the same morning. The statement said Ethereum’s “established depth of onchain liquidity and tokenized assets” made it the natural next public blockchain for JPMD.

Emma Landriault, global head of Kinexys Labs, told Bloomberg she expects two kinds of users: crypto-industry clients that want to pay on-chain, and financial institutions that need digital cash to settle, or post collateral for, trades in tokenized assets (our translation of Bloomberg HT’s Turkish text).

“Tokenized financial infrastructure is no longer theoretical,” Landriault said in the statement. The bank said the Kinexys platform has processed more than $4 trillion in transactions to date, an average of $7 billion a day.

How JPMD works

A stablecoin issuer holds reserves against tokens that anyone may own. A deposit token is a claim on an ordinary bank deposit, recorded on a blockchain. The Kinexys product page calls JPM Coin “not a cryptocurrency or a stablecoin”.

Clients convert dollars into JPMD inside a blockchain deposit account at the bank. Only counterparties the bank has vetted can hold or receive it, although every transfer is on the public ledger.

Transfers between holders run 24/7. The ramp to ordinary bank accounts closes for three hours each Saturday (3 p.m. to 6 p.m. US Eastern time), the FAQ says. At 09:50 UTC the page still described JPMD as issued on Base, and the bank’s payments newsroom had no Ethereum release.

What it changes for users and merchants

For corporate treasurers already on Base, Ethereum adds a second network where tokenized funds already sit. Retail users and merchants outside the bank’s client list cannot hold JPMD at all.

A Blockscout search of Ethereum at 09:53 UTC returned 33 ERC-20 contracts using the JPMD ticker. JPMorgan has not published an Ethereum contract address in any material we found, so we cannot say which, if any, is the bank’s. A “JPMD” sold to the public would not match the product the bank describes.

Context

Ether traded at $2,441, up 0.7% in 24 hours, as of 09:53 UTC, according to CoinGecko.

In the EU, MiCA does not apply to crypto-assets that qualify as deposits (Article 2(4)(b)), so a bank deposit token would fall under banking rules rather than the e-money token regime (what MiCA is). JPMorgan did not say whether clients in Europe can use JPMD.

Two European bank projects in our recent coverage took other routes. The bank consortium behind Qivalis chose a licensed euro e-money token, as CryptoWatchDesk reported on Qivalis’s Dutch e-money licence. Deutsche Bank, which plans tokenized deposits according to Reuters as reported by CoinDesk, appears in ESMA’s interim MiCA register through a bank notification dated 12 Oct for crypto custody and transfers.

For the difference from reserve-backed coins, see what a dollar stablecoin is.

Related: Japan’s three megabanks’ yen stablecoin trial

This article is for information only and is not investment advice.