JPMorgan expands deposit token to Ethereum as Kinexys transactions reach $7 billion
Key Facts
JPMorgan announced the launch of its bank deposit token, JPM Coin, on Ethereum on 19 October 2026, expanding its institutional financial services on public blockchains. The bank said in its expansion announcement that average daily transaction volume on its Kinexys platform had reached $7 billion. That figure covers platform transactions, while the token's launch on Ethereum adds another public network to those used by the product. The token had already been available on the public Base network since the previous year as part of its rollout to institutional clients. The dollar deposit token thus extends to Ethereum following its earlier launch on a network operating within Ethereum's infrastructure.
JPMorgan's product page explains that the token is backed by dollar deposits held in bank accounts at JPMorgan. That bank backing underpins the product for institutional transactions, with participation restricted to parties that have been vetted and approved. Explaining the access requirements, the bank said, "Only vetted and approved counterparties can participate." The launch announcement described the token's settlement as near-instant, with settlement available around the clock, seven days a week. The announcement added that the product provides real-time liquidity, combining continuous settlement availability with the retention of the deposits backing the token in the bank's accounts.
The bank had announced the deposit token's availability to institutional clients on 12 November 2025, following a successful proof-of-concept test. The rollout began on Base, a public Ethereum layer-2 blockchain developed within Coinbase. That network was chosen at the start of the product's commercial launch, before Ethereum was added in the October 2026 announcement. In that sequence, the token's presence on public networks preceded the latest expansion, dating back to the institutional rollout announced in November 2025. The new step broadens the networks available for the banking product whose commercial launch began on Base.
The commercial launch was preceded by an announcement of a proof-of-concept test for the JPMD token on Base, published by JPMorgan on 24 June 2025. The test placed the deposit token on the same public network where the bank later began making it available to institutional clients. The test announcement highlighted the token's ability to pay interest to holders as one of the bank deposit token's features. In that announcement, the bank used the phrase "enabling the ability to pay interest to holders" in presenting the product at the proof-of-concept stage. The rollout then progressed from the test announced in June to institutional availability announced in November of the same year, through to the current expansion onto Ethereum.
Alongside the deposit token rollout, JPMorgan Asset Management launched tokenized money market fund products on Ethereum. The asset manager published the launch announcement for its first tokenized money market fund, bearing the ticker MONY, on 15 December 2025. It then announced the launch of its second such fund on Ethereum in a statement published on 13 May 2026. The asset manager said it was investing $100 million in the fund, bearing the ticker JLTXX, at launch. The second fund's launch followed the announcement of the first, adding another money market product to the asset manager's tokenization activities. These launches place the deposit token's expansion in the context of broader activity within the group spanning bank deposits and tokenized money market funds.
In another expansion initiative for the deposit token, Digital Asset and Kinexys announced plans to issue it directly on the Canton network. According to Canton's announcement, the plan concerns issuing JPMorgan's bank token on the network itself. The announcement set out a phased rollout during 2026, establishing an annual timetable for this avenue of availability. The Canton project adds another destination to the expansion of a product that began on Base and is now also available on Ethereum. The next announced step for this project remains phased implementation during 2026, according to the timetable set by Canton.