Kinexys by J.P. Morgan said the dollar token JPMD now moves across EVM networks including Base and Ethereum, with transfers still restricted to approved institutional participants. The bank gave no date on which they began and published no announcement of its own.
JPMorgan has extended JPMD, the dollar deposit token it issues against deposits held at the bank, to Ethereum for institutional clients. Kinexys by J.P. Morgan, the bank's blockchain unit, said in a written statement reported on Monday that Ethereum was a "natural next public blockchain" for JPMD, and that the token now supports peer-to-peer transfers across Ethereum Virtual Machine networks including Base and Ethereum.
The deployment does not open the token to anyone who can hold an Ethereum address. Cointelegraph, citing a Bloomberg report of the same expansion, said JPM Coin stays restricted to approved institutional participants. Neither account establishes whether JPMD runs on Ethereum mainnet or in a permissioned deployment, and neither gives a date on which transfers started.
JPMD is a claim on commercial bank money rather than a reserve-backed stablecoin. When JPMorgan announced the token as a proof of concept in June 2025, it described a permissioned deposit token whose balances sit on the bank's balance sheet and which can pay interest to holders. JPMorgan presented that interest-bearing quality as the difference from a stablecoin, which is backed by assets set aside against it rather than by the issuer's own deposits. Other banks have gone the consortium route instead.
The distinction also decides where a holder's recourse runs. A reserve-backed stablecoin is a claim on the assets held against it, while JPMD is a deposit liability of JPMorgan, which is also the party that decides who may receive one.
JPMorgan has also described what the token is supposed to do for a treasurer. The June 2025 announcement promised near-instant settlement around the clock, and Naveen Mallela, global co-head of Kinexys, described the pilot as bringing "yield-bearing commercial bank money onto Base." The appeal is a balance that moves on a blockchain at any hour while still counting as a deposit at a regulated bank, which is what a money market fund share or a stablecoin does not do.
Base came first. JPMorgan ran the proof of concept on Base, the Ethereum layer-2 network built inside Coinbase, in June 2025, and The Block dates general availability for institutional clients to November 2025. Cointelegraph reported that the bank announced plans in January to put the token on the Canton Network as well, with no live date given, and that Landriault cited Ethereum's liquidity and existing use among clients as the reason for choosing it.
Emma Landriault, global head of Kinexys Labs, said in the statement that "tokenized financial infrastructure is no longer theoretical," adding that tokenized infrastructure is already changing liquidity, settlement and digital asset workflows.
Two figures came with the statement: more than $4 trillion in cumulative transactions across Kinexys and average daily volume of $7 billion. Both describe the platform as a whole, which includes the bank's older blockchain payment and settlement businesses, rather than JPMD. JPMorgan's own April summary of Kinexys milestones put the platform at more than $3 trillion since inception and more than $5 billion a day. Both sets are the bank's own reported numbers, and no source gives a transaction volume or outstanding balance for JPMD itself.
The bank's tokenization work on Ethereum predates the token's arrival there. The Block reported that JPMorgan launched its first tokenized money market fund on Ethereum in December 2025 and a second in May 2026, part of the same institutional move onto public ledgers that has pulled in custodians and fund administrators.
JPMorgan issued no announcement of its own. Its payments newsroom carried no item about JPMD or Ethereum on Monday, and its most recent October entries cover an embedded payments deal, the Sibos conference and third-quarter earnings. What is on the record is a statement given to two newsrooms, a quote, two platform-wide figures, and a restriction that leaves settlement visible on a public chain while the set of parties permitted to use it stays the bank's to decide.
