TLDR
- JPMorgan has expanded JPM Coin to Ethereum after launching the deposit token on Base in November 2025.
- JPM Coin allows approved institutional clients to transfer tokenized dollar deposits around the clock.
- The bank restricts JPM Coin access to approved institutions, excluding retail users and unrestricted DeFi trading.
- Kinexys has processed over $4 trillion in cumulative transactions, averaging around $7 billion daily.
- JPMorgan’s Ethereum expansion follows its earlier launches of tokenized money-market funds on the blockchain.
JPMorgan expanded JPM Coin (JPMD), its dollar deposit token, to Ethereum on October 19, allowing approved institutional clients to move bank deposits through another public blockchain. The move follows the token’s launch on Base in November 2025.
JPM Coin Extends Beyond Base
Kinexys by JPMorgan said Ethereum’s large pool of onchain funds and tokenized assets supported the expansion. JPM Coin now supports transfers among approved users on Ethereum and Base, two networks compatible with Ethereum software.
The token represents dollars held in JPMorgan bank accounts. Clients can make payments around the clock instead of waiting for normal banking hours. JPMorgan says transactions can settle near real time and support payments tied to digital assets.
Bank Deposit Token Differs From Stablecoins
Unlike stablecoins issued by nonbank companies, JPM Coin remains a claim on deposits at JPMorgan. The bank controls access, and retail customers cannot use the token. Circle’s USDC faces a different regulatory process in Europe, where oversight changes take effect in November.
JPMorgan limits transfers to vetted institutional participants. Its deposit token does not support unrestricted trading or open access to decentralized finance platforms. The bank also allows eligible clients to turn tokens back into dollars through linked deposit accounts.
Kinexys Reports $4 Trillion in Transactions
JPMorgan said Kinexys has processed more than $4 trillion in transactions since launch. The platform handles about $7 billion a day, the bank said. Those figures cover Kinexys activity, not just Ethereum transfers.
The bank has expanded its work with digital financial assets outside payments. It launched an Ethereum-based tokenized money-market fund in December 2025 and another in May 2026. Separately, nine listed companies objected to tokenized shares trading on OKXICE, showing how other tokenization efforts face issuer restrictions.
Ethereum Expansion Keeps Institutional Controls
The shift places JPM Coin on a network that hosts digital versions of financial products. Other firms are building services for institutions, including World’s recently introduced identity tools for banks, though JPMorgan has not announced any integration with those tools.
Emma Landriault, global head of Kinexys Labs, said tokenized systems are changing how institutions handle liquidity and settlement. Ethereum Institutional co-founder Matthew Dawson welcomed the launch, noting that JPMorgan already offers tokenized investment products on Ethereum. JPMorgan has not announced plans for retail access.
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