Kinexys, the blockchain unit of US bank JPMorgan, said on October 19 that it had issued its dollar deposit token JPM Coin (JPMD) on Ethereum. The token was first launched in November 2025 on Base, the Ethereum Layer 2 network created by Coinbase, and has now been extended to the Ethereum mainnet.
JPM Coin records dollar deposits held in JPMorgan bank accounts as tokens on a blockchain. Participating institutions can deposit dollars into a Blockchain Deposit Account (BDA), convert them into tokens and redeem them for dollars at any time. The company said the token is neither a crypto asset nor a stablecoin and that the funds do not leave the bank's regulated infrastructure. The expansion allows institutional clients to use JPM Coin on Ethereum, in addition to Base, to send funds to other approved institutions.
JPM Coin is not open to everyone. Although it operates on public blockchains, only counterparties that have passed screening and received approval can transact, and JPMorgan makes the final decision on eligibility. Transfers within the network are available around the clock throughout the year and settle on the same day. However, transfers between conventional demand deposit accounts and Blockchain Deposit Accounts are suspended every Saturday from 3 p.m. to 6 p.m. Eastern Standard Time. The company listed cross-border payments, intraday liquidity transfers, collateral for securities transactions and programmed payments as use cases.