JPMorgan has brought its dollar-denominated deposit token, JPM Coin (JPMD), to Ethereum for institutional clients. Access stays limited to approved counterparties. The move extends the bank's public-blockchain payments offering beyond Base.
JPMorgan has put JPM Coin (JPMD) on Ethereum for institutional clients, according to The Block, which obtained a statement from the bank's Kinexys unit. The token is a dollar-denominated deposit token, and the expansion puts it on Ethereum mainnet.
Kinexys told The Block that Ethereum's "established depth of onchain liquidity and tokenized assets" made it a natural next public blockchain for JPMD.
Access stays limited to approved counterparties
The change does not open the token to anyone with an Ethereum wallet. JPMorgan's product documentation says only vetted, approved counterparties can participate in JPM Coin, so the extension changes where clients can use the bank's onchain money, not who can freely receive it.
JPMD also differs from a typical stablecoin. It represents dollar deposits held at JPMorgan rather than a separately issued token. Under the bank's documented model, clients convert dollars in a Blockchain Deposit Account into tokens and redeem them back into that account. JPMorgan lists payments, collateral posting and transaction settlement among its capabilities.
Base came first
The bank had already enabled near-real-time transfers between institutional clients' Ethereum Virtual Machine-compatible wallets on Base, an Ethereum Layer 2 network. Its November 12, 2025, launch announcement followed a proof-of-concept begun that June. B2C2, Coinbase and Mastercard completed test issuance and redemption transactions on Base.
Ethereum now also hosts JPMorgan's tokenized money market funds MONY and JLTXX, according to Ethereum Institutional, an independent nonprofit focused on institutional adoption. Sharing a network does not itself establish that a fund accepts JPMD for subscriptions.
Kinexys also plans native JPMD issuance on Canton
Ethereum is another part of Kinexys's multichain expansion. In January, Digital Asset and Kinexys announced plans for native JPMD issuance on Canton. Their announced approach called for phased integration throughout 2026.
Source: The Defiant
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