Kinexys Expands JPM Coin to Ethereum Mainnet, Giving Institutional Clients Dollar Liquidity on Two Public Blockchains
Kinexys Expands JPM Coin to Ethereum Mainnet, Giving Institutional Clients Dollar Liquidity on Two Public Blockchains #
J.P. Morgan’s blockchain division, Kinexys, has extended its JPM Coin deposit token to the Ethereum Layer 1 mainnet, making bank-issued on-chain dollar liquidity available to approved institutional clients on two public networks simultaneously.
Kinexys announced the expansion on 19 October 2026. It is the product’s second public blockchain after its debut on Base, the Ethereum Layer 2 network built within Coinbase, in November 2025. Before that launch, B2C2, Coinbase and Mastercard participated in a proof-of-concept phase on Base starting in June 2025, completing near-instant issuance and redemption of the token, which carries the ticker JPMD.
The deposit token model differs from stablecoins. Each unit of JPMD represents a US dollar deposit held at the bank, not a separately issued digital currency, placing it within the regulatory perimeter of existing banking frameworks. Institutional clients can use it for peer-to-peer transfers between Ethereum Virtual Machine-compatible wallets, to post collateral, and to settle transactions around the clock without relying on traditional payment rails.
Kinexys cited Ethereum’s depth of on-chain liquidity and tokenised assets as the basis for the expansion. J.P. Morgan Asset Management’s tokenised money market funds and BlackRock’s BUIDL product both operate on Ethereum. A deposit token on the same chain allows JPMD to serve as the cash or collateral leg in transactions involving those real-world assets, which would otherwise require chain-bridging or off-chain settlement.
Kinexys reported cumulative platform transaction volumes exceeding $4 trillion since inception and a current daily run rate of approximately $7 billion across its services, which include payments, tokenised collateral and other blockchain-based applications.
Ethereum and Base are not the only networks on Kinexys’s roadmap for JPM Coin. The division has confirmed plans to bring JPMD to the Canton Network, the privacy-preserving public blockchain developed by Digital Asset, in a phased rollout through 2026. Canton’s institutional participants include BNP Paribas, Goldman Sachs, Broadridge and HSBC.
Access to JPM Coin remains restricted to JPMorgan’s approved institutional client base. The Ethereum mainnet launch has no retail component.
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