JPM Coin (JPMD) is a USD-denominated deposit token issued by JPMorgan through Kinexys, its blockchain unit. Each token represents a JPMorgan bank deposit recorded on a public blockchain.
JPMorgan piloted JPMD on Base in June 2025, opened it to institutional clients in November 2025, and added Ethereum on October 19, 2026. Firms including B2C2, Coinbase and Mastercard tested transactions during the rollout.
Deposit token vs stablecoin
JPMorgan states that JPM Coin is a bank-issued deposit token, not a cryptocurrency or a stablecoin. A stablecoin like USDC is backed by a separate pool of reserves and can be held by anyone. JPMD is a claim on JPMorgan itself: it stays on the bank's balance sheet, carries the credit profile of commercial bank money, and falls under existing deposit rules rather than the GENIUS Act.
For banks, deposit tokens have an advantage over stablecoins: the money remains a deposit that can fund lending, instead of moving into Treasury reserves. See our full comparison of tokenized deposits vs stablecoins.
How JPMD is used
- 24/7 peer-to-peer transfers between JPMorgan institutional clients on Base and Ethereum
- Posting collateral and settling trades on public blockchains
- Moving between cash and on-chain balances through JPMorgan's blockchain deposit account framework
Kinexys and JPMorgan's tokenization push
Kinexys has processed over $4 trillion in cumulative transactions since inception, averaging about $7 billion a day, mostly on JPMorgan's private network. JPMorgan Asset Management also launched tokenized money market funds on Ethereum in December 2025 and May 2026.
