JPMorgan brings its dollar deposit token to Ethereum

JPMorgan has brought its dollar deposit token, JPM Coin, to the Ethereum network for institutional clients, adding a second public blockchain where they can transfer the token. The Block reported the move on Monday, Oct. 19, citing a statement from Kinexys, the bank’s blockchain unit.

JPM Coin, also called JPMD, represents US dollar deposits held at the bank. Bloomberg News reported that it lets clients send and receive money around the clock, rather than waiting for bank working hours.

What can clients do with JPM Coin on Ethereum?

JPMD supports peer-to-peer transfers within the Ethereum Virtual Machine, or EVM, a system that lets compatible blockchains run similar applications. Kinexys says the supported networks now include Ethereum and Base, the network where JPMD first launched in November 2025.

The expansion gives institutional clients another network for moving the bank deposit token. The announcement describes transfers between clients; it does not say that JPMD is available to the public.

Why add Ethereum after Base?

Kinexys cited Ethereum’s established on-chain liquidity and tokenized assets as reasons for bringing JPMD to the network, according to The Block. On-chain liquidity means money and assets available to use directly on a blockchain.

JPMorgan’s move builds on its earlier launch of JPMD on Base. The bank has also issued tokenized money-market funds on Ethereum, The Block reported. Those funds are a separate product from JPMD.

How much activity does JPM Coin have?

The Block reported that JPMorgan’s Kinexys platform has handled more than $4 trillion in cumulative transactions and averages $7 billion in daily transaction volume. Those figures cover the platform, not JPMD alone.

The bank’s announcement does not give a launch date for client access on Ethereum, name participating clients or report how much JPMD has been issued there. It also does not say whether transfers between Ethereum and Base are available. What is confirmed is that JPMD is now set up to support transfers within both networks’ shared EVM ecosystem.