JPMorgan Brings JPM Coin to Ethereum in Major Institutional Blockchain Expansion

JPMorgan has put its JPM Coin deposit token on the Ethereum mainnet, giving the bank’s institutional clients a second public blockchain on which to move US dollar deposits.

Kinexys by J.P. Morgan, the bank’s blockchain unit inside J.P. Morgan Payments, announced the expansion on Monday. Its token carries the ticker JPMD and has run on Base since November 2025. Base is the Ethereum Layer 2 network built within Coinbase.

JPM Coin is a deposit token. Each unit is a digital representation of a US dollar deposit held at the bank, in JPMorgan’s description at launch. The bank’s approved institutional clients can send those units peer-to-peer between wallets in the Ethereum Virtual Machine ecosystem, now on both chains.

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Ethereum Chosen for Liquidity

Kinexys said Ethereum’s depth of onchain liquidity and tokenised assets made it the natural next public blockchain for the token. Large institutions active in crypto and tokenised real-world assets want onchain cash from established banks that works with the deposit products they already use, the unit said.

J.P. Morgan Asset Management put a tokenised money-market fund on Ethereum in May, and JPM Coin now sits beside it on the network. The bank’s first JPM Coin launch on Base followed a proof-of-concept that began in June 2025. B2C2, Coinbase and Mastercard completed near-instant issuance and redemption of JPMD on Base in that test.

Kinexys Labs global head Emma Landriault said tokenised financial infrastructure is already restructuring liquidity, settlement and digital-asset workflows.

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.

Kinexys Volumes Across All Services

Kinexys says its platform has processed more than US$4 trillion (AU$5.72 trillion) in cumulative transactions since inception, with an average daily volume of US$7 billion (AU$10.01 billion). 

Those figures come from the unit’s internal data and cover every Kinexys service, which the bank says it has operated since 2015. JPMorgan published the same two numbers in August alongside a Harvard Business School case study on the unit. Neither publication breaks out JPMD volumes on Base or Ethereum.

Before the public-chain launches, Kinexys offered blockchain deposit accounts on the bank’s own permissioned ledger. JPMorgan said the deposit token can support programmable treasury functions from clients’ wallet interfaces and is designed to integrate with smart contracts on public networks.

At the Base launch, Kinexys global co-head Naveen Mallela said the token pairs bank-backed deposits and settlement with round-the-clock, near real-time blockchain transactions.

Ethereum Institutional co-founder Matthew Dawson said: “It’s a clear signal that institutional finance is moving onto public, verifiable infrastructure.”

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