JPMorgan has brought its US dollar-denominated deposit token, JPM Coin (JPMD), to the Ethereum mainnet, the bank announced on October 19. The expansion widens the blockchain payment infrastructure available to institutional clients and opens them another public network for on-chain dollar transfers.
Expanding EVM Compatibility Across Ethereum and Base
JPMorgan already operates JPM Coin, a tokenized deposit product built on its Kinexys blockchain infrastructure.
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The latest move allows JPM Coin to support peer-to-peer transfers across the Ethereum Virtual Machine (EVM) ecosystem, including Ethereum and Base. The token was initially launched on Base in November 2025.
According to an official announcement, the USD-denominated deposit token (JPMD) expands the bank’s payment infrastructure for institutional clients, letting eligible accounts transfer money directly on a public blockchain.
Key Difference: Regulated Deposit Tokens vs. Private Stablecoins
Unlike conventional cryptocurrencies or privately issued stablecoins, JPM Coin is tied to funds held within JPMorgan’s banking infrastructure. It is designed for onchain payments and settlement within the bank’s existing deposit framework, and it is intended for institutional use rather than public retail trading.
The launch builds on JPMorgan’s wider push to bring traditional financial instruments onto public blockchains. The bank launched its first tokenized money market fund on Ethereum in December 2025, followed by a second in May 2026, according to The Block.
Kinexys, the bank’s blockchain and digital payments business, has processed more than $4 trillion in cumulative transactions, with average daily volume reaching $7 billion, the bank said.
Why This Matters
A major US bank extending a deposit token to Ethereum mainnet signals growing institutional reliance on public blockchains for 24/7 settlement. It adds substantial liquidity and activity to the tokenized-asset infrastructure already taking shape across Ethereum and Layer-2 networks.
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