Kinexys, JP Morgan’s blockchain division, has issued its USD deposit token JPM Coin (ticker JPMD) on the Ethereum mainnet. The token has been live on Coinbase’s Base network since November 2025 and is also planned for the Canton Network. Approved institutional clients can now transfer tokenized JP Morgan deposits across both chains around the clock.
The move is best understood as positioning. Base made sense as a launch partner given the Coinbase relationship, but Ethereum is where the tokenized fund and securities activity sits. BlackRock’s BUIDL and JP Morgan Asset Management’s own tokenized money market funds are available on Ethereum L1. If a deposit token is going to serve as a cash or collateral leg alongside those assets, it needs to be on the same chain.
The announcement also references Kinexys platform volumes of over $4 trillion cumulative and $7 billion daily. Those figures cover the full range of Kinexys services, including payments, the tokenized collateral network and other applications. They say nothing about JPMD activity on public chains.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
