JPM Coin
JPM Coin is the name used by J.P. Morgan for a blockchain-based institutional payment system introduced in 2019 and later for a U.S. dollar deposit token with the ticker JPMD. The newer token became available to institutional clients on Base in November 2025. It represents a commercial-bank deposit.[1][2]
History
On 14 February 2019, JPMorgan announced plans for JPM Coin to support payments between its clients. Customers would deposit money with the bank, receive tokens for transfers over its blockchain network and redeem them for U.S. dollars.[3] The original system operated on a private network limited to the bank's clients. It therefore differed from the later deposit token issued on a public blockchain.[4]
The bank brought its blockchain activities together under Onyx in 2020 and introduced the Kinexys brand in 2024. Its corporate history identifies the original JPM Coin service as the predecessor of Kinexys Digital Payments.[2]
J.P. Morgan began a proof of concept for JPMD in June 2025. On 12 November 2025, it announced availability for institutional clients on Base, an Ethereum layer-2 network built within Coinbase. B2C2, Coinbase and Mastercard participated in test issuance and redemption transactions. The bank retained JPMD as the ticker for the USD deposit token marketed as JPM Coin.[1] Independent reporting by Bloomberg also described the November rollout as an institutional deposit-token service on Base.[5]
Operation and access
JPM Coin represents money deposited with the bank. Clients can convert funds through the Blockchain Deposit Account (BDA) framework and redeem tokens into U.S. dollars in a BDA. Transactions take place on a public blockchain, but participation is restricted to vetted, approved counterparties. Service availability depends on bank approval and applicable geographic and regulatory conditions.[6]
J.P. Morgan describes the token as carrying the credit-risk profile of commercial-bank money. J.P. Morgan distinguishes deposit tokens, which remain bank liabilities within banking capital and liquidity frameworks, from stablecoins supported by reserve assets.[6][7]
The bank lists institutional payments, liquidity transfers, collateral posting and programmable payments among JPM Coin's uses. Around-the-clock blockchain transfers do not mean that every connection to conventional accounts is continuously available: its product disclosure specifies a three-hour Saturday interruption for transfers between traditional demand deposit accounts and BDAs.[6]
Network expansion
On 7 January 2026, Digital Asset and Kinexys announced an intention to issue JPM Coin natively on the Canton Network. They described a phased integration during 2026, initially establishing the technical and business arrangements for issuance, transfers and redemption. The announcement described planned work rather than a completed launch.[8]
On 19 October 2026, The Block reported, citing a statement provided by Kinexys, that JPMorgan was expanding JPM Coin to Ethereum for institutional clients. CoinDesk also reported the expansion, citing Bloomberg and describing the bank's plans to make the token available on Ethereum. These reports concerned institutional access; they did not announce unrestricted retail use.[9][10]
See also
References
- ↑ 1.0 1.1 First bank issues USD deposit token on a public blockchain, J.P. Morgan, 12 November 2025.
- ↑ 2.0 2.1 About Kinexys, J.P. Morgan, accessed 19 October 2026.
- ↑ JPMorgan Chase to create digital coins using blockchain for payments, Reuters, 14 February 2019.
- ↑ A Brief History of Deposit Tokens and Tokenized Deposits, Franklin Noll, Federal Reserve Bank of Kansas City, 16 October 2026.
- ↑ JPMorgan Rolls Out Deposit Token JPM Coin in Digital Asset Push, Anna Irrera, Bloomberg News, 12 November 2025.
- ↑ 6.0 6.1 6.2 JPM Coin: Bank-Backed USD Deposit Token, J.P. Morgan, accessed 19 October 2026.
- ↑ What to Know About Stablecoins, J.P. Morgan Global Research, accessed 19 October 2026.
- ↑ Digital Asset and Kinexys by J.P. Morgan announce intention to bring USD JPM Coin (JPMD) natively to the Canton Network, Canton Network press release via PR Newswire, 7 January 2026.
- ↑ JPMorgan expands 'JPM Coin' deposit token to Ethereum for institutional clients, Timmy Shen, The Block, 19 October 2026.
- ↑ JPMorgan's JPM Coin, representing dollar deposits, is coming to Ethereum: Bloomberg, Omkar Godbole, CoinDesk, 19 October 2026.