JPMorgan brings its JPM Coin deposit token to Ethereum mainnet

JPMorgan has put its dollar deposit token on a second public blockchain. The bank's blockchain unit, Kinexys, said on October 19, 2026 that JPM Coin now runs on Ethereum mainnet, letting vetted institutional clients move tokenized dollars across both Ethereum and Base.

Crypto outlets crypto.news and Ledger Insights reported the expansion on the same day, each citing a Kinexys statement. JPM Coin, ticker JPMD, is not new. It has run on Coinbase's Base network since November 2025. Ethereum mainnet is the new part.

What JPMorgan put on Ethereum

JPMorgan's blockchain arm, Kinexys, has issued JPM Coin on Ethereum mainnet, so approved clients can settle dollar payments on either Ethereum or Base at any hour. JPMD is a deposit token. It stands for real money held at the bank, recorded on a public chain rather than only on JPMorgan's own books. Clients hold it through what the bank calls Blockchain Deposit Accounts, tied to their ordinary accounts at the bank.

The token did not appear overnight. Kinexys started a proof-of-concept in June 2025, and JPMorgan put JPMD on Base, the Ethereum layer-2 network built inside Coinbase, on November 12, 2025. B2C2, Coinbase and Mastercard completed test transactions during that trial, the bank said, running near-instant issuance and redemption of the token on Base. Ethereum mainnet now sits alongside Base as a second live network. Kinexys said it chose Ethereum for its established on-chain liquidity and the volume of tokenized assets already there.

Deposit token, not a stablecoin

A deposit token and a stablecoin are not the same thing. A stablecoin such as USDC is issued by a company that holds reserves somewhere else and promises to swap each coin for a dollar. JPMD works differently. It is a direct claim on a deposit sitting at JPMorgan, what the bank calls a digital representation of a bank deposit on a public blockchain. The difference matters. If a stablecoin issuer fails, holders become creditors chasing the reserve. A JPMD holder has a claim on one of the largest banks in the world.

Who can actually use it

Access is the catch. A bank moving money onto a public network sounds open to anyone. It is not. Only clients JPMorgan has checked and approved can receive or move JPMD, even on a chain that anyone in the world can read. The token does not trade on exchanges, and retail customers cannot buy it. Naveen Mallela, Global Co-head of Kinexys by J.P. Morgan, said when the Base version launched that "JPM Coin delivers the security of bank-backed deposits and settlement." Kinexys has handled more than $7 billion in payments on an average day, a 2025 figure from JPMorgan that covers its whole platform, not JPMD alone.

Some basics are still missing. Kinexys did not publish an Ethereum mainnet contract address or a firm go-live time, and it has not said how much JPMD is in circulation or how many clients hold it.

What to watch

JPMorgan is not the only firm laying dollar rails on blockchains. Mastercard opened its Global Money platform to stablecoins, and Visa switched on USDC prefunding for cross-border payouts. The bank has said it wants its deposit token on more chains and in more currencies, though it has tied any expansion to regulatory approval. Watch whether the Ethereum version draws real volume or stays a pilot. For now the figures that matter, circulation and active clients, are not public. Watch the Kinexys updates, not the headlines.