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JPMorgan brings $4 trillion Kinexys platform token to Ethereum

JPMorgan is bringing its dollar deposit token to Ethereum for institutions, adding another public network for onchain transfers alongside Base.

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JPMorgan brings $4 trillion Kinexys platform token to Ethereum

JPMorgan has brought JPM Coin, its dollar deposit token, to Ethereum for institutional clients, extending access from Base to a second public network. The bank’s Kinexys platform has processed more than $4 trillion in cumulative transactions, according to The Block’s report on the launch.

JPM Coin, also called JPMD, represents US dollar deposits held at JPMorgan. The expansion lets institutional clients make peer-to-peer transfers within the Ethereum Virtual Machine ecosystem, which includes Ethereum and Base. It does not mean JPMorgan has issued a retail coin for public use.

What can clients do with JPM Coin on Ethereum?

They can use the token to send and receive dollars onchain. JPMorgan says the token is designed for institutional clients, and Bloomberg reports that transfers can happen in seconds at any time, rather than taking several days and being limited to working hours.

For clients already using Ethereum-based assets, having a bank deposit token on the same network could make it easier to move dollars alongside those assets. Kinexys said Ethereum’s existing liquidity and tokenized assets made it a natural next network for JPMD, as reported by The Block.

How is this different from the Base launch?

JPM Coin first became available to institutional clients on Base in November 2025. Ethereum adds another network where clients can hold and transfer the deposit token; both networks are part of the Ethereum Virtual Machine ecosystem.

JPMorgan has described JPM Coin as a way to move bank deposits on a public blockchain. That makes it different from a token designed to track the dollar using reserves held outside a bank deposit account. Bloomberg’s report says the token represents US dollar deposits at JPMorgan.

What should you watch next?

Kinexys has reported more than $4 trillion in cumulative transactions and an average daily transaction volume of $7 billion across its platform. Those figures cover the platform, so they do not show how much activity JPM Coin itself has handled.

The next signal is whether JPMorgan reports client use of JPM Coin on Ethereum or names another network for the token. The announcement sets out the Ethereum expansion but gives no date for a further rollout.

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