JPMorgan’s Deposit Token Now Runs on Ethereum — For Approved Clients Only

In brief

• The Block reports that Kinexys by J.P. Morgan said on Monday, 19 October 2026, it has brought JPM Coin (JPMD) to Ethereum for institutional clients.
• For treasurers and on-chain settlement teams, that extends a bank deposit token — already live on Base since November 2025 — across the wider EVM, without turning it into a retail stablecoin.
• What’s still unknown: a public jpmorgan.com newsroom page for this expansion (TSN found none); the bank’s product page still describes issuance on Base only.

This is bank money on a public chain for approved counterparties, not an open mint anyone can buy on an exchange. Misreading it as a new public stablecoin would get the product — and the compliance perimeter — wrong.

What did Kinexys say is live now?

In a Monday statement shared with The Block, Kinexys said Ethereum’s “established depth of onchain liquidity and tokenized assets” makes it a natural next public blockchain for JPMD, which was first launched in November 2025 on Base.

The token “now supports peer-to-peer transfers within the Ethereum Virtual Machine ecosystem, including Base and Ethereum,” The Block reports.

Emma Landriault, global head of Kinexys Labs, said: “Tokenized financial infrastructure is no longer theoretical. It’s already restructuring liquidity, settlement, and digital asset workflows.”

Is this a public stablecoin?

No. J.P. Morgan’s own JPM Coin product page states the token is “not a cryptocurrency or a stablecoin.” It is a bank-issued deposit token backed within the firm’s regulated banking infrastructure.

The Defiant summarises the same perimeter: the dollar token “remains restricted to approved counterparties,” bringing permissioned bank money onto another public blockchain.

The product page also says JPM Coin “operates on a public blockchain where only vetted counterparties transact.”

What about the bank’s own website?

As of TSN’s check on 19 October 2026, jpmorgan.com/kinexys/jpm-coin still says JPM Coin is “issued on Base” and answers “Where is JPM Coin issued?” with Base only. No separate dated newsroom release for the Ethereum expansion was found on jpmorgan.com.

Treat The Block’s report of the Monday Kinexys statement as the news source for the Ethereum move; treat the product page as not yet updated on that point.

What volumes does the bank claim?

The bank said Monday that the Kinexys platform has handled over $4 trillion in cumulative transactions to date, with an average daily transaction volume of $7 billion, according to The Block.

Those figures are the bank’s claims as relayed by The Block — they are platform totals, not a disclosed volume for JPMD on Ethereum alone.

How does this sit on the timeline?

Who can use it?

Institutional clients onboarded through J.P. Morgan’s Blockchain Deposit Account (BDA) framework, on the bank’s telling. The product page lists corporates, financial institutions and payment service providers as target users — still inside a permissioned counterparty set.

Our read

Moving JPMD onto Ethereum widens the rails for the same regulated deposit token rather than creating open crypto liquidity. The compliance story is continuity: public-chain settlement with bank-gated participants. The operational catch for readers is the documentation lag — markets heard Ethereum from Kinexys via The Block while the product FAQ still said Base — so counterparties should take legal and ops sign-off from the bank, not from a headline alone.

What’s still unknown?

• When (or whether) jpmorgan.com publishes a dated newsroom note and updates the product FAQ
• Which institutional clients are live on Ethereum-mainnet JPMD versus Base
• Any separate volume split for JPMD versus the wider Kinexys $4T / $7B platform figures

How we sourced this

Primary news account: The Block (19 October 2026), citing a Monday Kinexys statement shared with the outlet. Permissioned-counterparty framing cross-checked with The Defiant and with J.P. Morgan’s public JPM Coin page (Base-only issuance language still present at time of writing). No dated jpmorgan.com newsroom URL for this expansion was found. $4T / $7B attributed to the bank via The Block only.

Sources

• [1] The Block: JPMorgan expands ‘JPM Coin’ deposit token to Ethereum for institutional clients, 19 October 2026
• [2] The Defiant: JPMorgan Extends JPM Coin to Ethereum for Institutional Clients
• [3] J.P. Morgan Kinexys: JPM Coin product page

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