JPMorgan Chase & Co. launches its JPM Coin (JPMD) deposit token on Ethereum, extending its public blockchain payments offering for institutional clients, Bloomberg reported.
According to its website, JPMD represents JPMorgan’s bank deposits on a public blockchain, allowing institutional clients to execute faster, more efficient on-chain payments.
Users can now make peer-to-peer token transfers across the Ethereum Virtual Machine ecosystem, including Base.
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Payments and Tokenized-Asset Settlement
Emma Landriault, global head of Kinexys Labs, told Bloomberg that expected users include institutional clients that seek blockchain payments and financial institutions looking to settle or collateralize tokenized-asset transactions.
“Tokenized financial infrastructure is no longer theoretical. It’s already restructuring liquidity, settlement, and digital asset workflows,” said Emma.
She also argued that JPMorgan chose Ethereum for its liquidity and existing client use.
The latest expansion follows JPM Coin’s November 2025 launch on Base, Coinbase’s Ethereum Layer-2 network.
The bank said B2C2, Coinbase, and Mastercard completed test transactions during the proof of concept.
With an average daily volume of $7 billion, the Kinexys platform has now surpassed $4 trillion in cumulative transactions, The Block reported.
Bank Deposits on Public Blockchains
JPM Coin uses the ticker JPMD and digitally represents commercial bank deposits.
The bank classifies the coin as a deposit token, not a stablecoin.
“We’re delighted to see J.P. Morgan Payments bring JPM Coin to Ethereum. It builds on a clear trajectory: JPM Coin is already live on Base, J.P. Morgan Asset Management has tokenized money market funds on Ethereum, and the Kinexys platform itself is built on Ethereum Virtual Machine technology,” said Matthew Dawson, co-founder of Ethereum Institutional.
Although JPM Coin uses public blockchain infrastructure, it restricts transactions to vetted counterparties.
Therefore, public deployment does not mean unrestricted access to the token.
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