JPMorgan has officially launched its USD deposit token, JPM Coin (JPMD), on the Ethereum mainnet, expanding beyond Coinbase’s Base layer-2 network. The bank’s blockchain unit Kinexys made the token available to approved institutional clients on Monday, October 19, 2026, allowing crypto firms and banks to settle with JPMorgan dollars on the chain where most tokenized assets already trade.
The move was widely shared by crypto market observers including Coin Bureau and Polymarket. Ethereum’s native asset ETH traded at $2,380.10, down 2.48% over 24 hours, as the market showed little immediate reaction. Still, the integration marks a significant expansion of JPM Coin’s capabilities beyond Base, where it launched in November 2025.
Kinexys said Ethereum’s established depth of onchain liquidity and tokenized assets made it the natural next public blockchain for JPMD. Emma Landriault, global head of Kinexys Labs, said crypto firms can use the token for payments, while financial firms can use it to settle trades or back tokenized assets. She described the Base and Ethereum issuances as giving clients multi-chain optionality for moving wholesale money across both the web3 and traditional finance ecosystems.
JPMD is not a stablecoin: each token is a claim on dollars held at JPMorgan and backed by the bank’s own balance sheet, and only approved clients can receive or move it. Kinexys handles more than $7 billion a day across its blockchain platform, while JPMorgan’s payments business moves about $12 trillion a day. Ethereum apps hold about $49.4 billion in total value locked, according to DefiLlama.
JPMorgan is not betting on one chain. It has also said it plans to bring JPMD to the Canton Network, and it is among banks including Citi, Bank of America and Wells Fargo planning a shared network for tokenized deposits through The Clearing House, reportedly targeting the first half of 2027.
