JPMorgan expands deposit token to Ethereum for 24/7 settlement
Key Facts
JPMorgan announced on October 19, 2026 that its deposit token, "JPM Coin," was available on Ethereum, making it the second public network to support the product. The product carries the ticker JPMD and is designed for the use of bank money in institutional transactions on public blockchains. The bank said in its original product announcement that it enables near-instant settlement around the clock, seven days a week, while providing real-time liquidity. Uses identified by the bank include money transfers, collateral pledges and transaction settlement on those networks. The announcement broadens the token's availability following its commercial launch on Base, extending the use of bank deposits within blockchain-based financial infrastructure.
According to Ethereum's institutional platform, the token's pilot on Base began in June 2025, before it entered commercial operation on November 12, 2025. This sequence distinguishes the product's testing phase from the start of commercial availability, which preceded the expansion to Ethereum. JPMorgan said B2C2, Coinbase and Mastercard successfully completed test transactions using the token. Base described its design as combining the programmability of blockchain finance with the trust and compliance requirements of regulated financial institutions. Base limited its availability to eligible institutions, excluding individuals and retail investors from using the product.
In the pilot announcement, Base described the token as dollar-denominated and backed 1:1 by deposits, linking its value to the bank deposits supporting it. JPMorgan says the product carries the credit risk characteristics and balance-sheet certainty of commercial bank money. Across the Kinexys platform as a whole, the bank said in a disclosure dated August 12, 2026 that cumulative transactions since inception had exceeded $4 trillion. The platform's average daily transaction volume stood at $7 billion in the same disclosure. In the previous disclosure, dated April 28, 2026, cumulative transactions exceeded $3 trillion, with a daily average of more than $5 billion.
JPMorgan's activity on Ethereum extends to its asset management business, which announced on May 13, 2026 the launch of its second tokenized money market fund on the public network. The fund carries the ticker JLTXX and invests exclusively in U.S. Treasury securities and overnight repurchase agreements. Its stated investment policy requires repurchase agreements to be fully collateralized by Treasury securities or cash. JPMorgan Asset Management said it invested $100 million in the fund at launch. The launch also drew additional participation from Anchorage Digital, according to the asset manager's statement.
On the Canton Network, Digital Asset and Kinexys announced on January 7, 2026 their intention to collaborate on issuing the deposit token directly on the network. Naveen Mallela, global co-head of Kinexys, said making it available on Canton could "increase efficiency and unlock liquidity." Mallela thus linked broader token availability to improved use of liquidity in institutional transactions. The collaboration includes exploring the integration of other Kinexys products, according to Digital Asset's announcement. Those products include JPMorgan's Blockchain Deposit Accounts, with the announcement setting out a phased integration during 2026.
The token's availability on Ethereum is part of an expansion across different public networks, following the pilot and commercial launch on Base and the announcement of cooperation on Canton. On Ethereum, the bank's presence now includes the deposit token and the tokenized money market fund launched by its asset management business. The deposit token enables transaction settlement and collateral pledges, while the fund invests in Treasury instruments and repurchase agreements under its stated policy. Access to the deposit token remains restricted to eligible institutions, according to Base's announcement. The next step in the announced Canton collaboration schedule is continued phased integration during 2026, including exploring the integration of Blockchain Deposit Accounts.