JPMorgan's JPMD Deposit Token Goes Live on Ethereum Mainnet

JPMorgan's dollar deposit token began settling on Ethereum's main chain on Monday, a year after it went live one layer above it. The token is JPMD, issued through Kinexys, the bank's blockchain unit, and each unit is a claim on dollars a client already holds at JPMorgan. It had run only on Base, the Ethereum layer-2 network built by Coinbase, since November 2025. Only institutional counterparties the bank has vetted may hold it, and it does not trade on public markets. Which outlet the bank told first is not agreed on.

A deposit, not a stablecoin

The distinction is the whole point of the product. A deposit token leaves the money where it is, on the bank's balance sheet and under the same account relationship, and changes only the form of the record. A stablecoin runs the other way. It is a separate instrument issued against reserves, and a treasurer who buys one has first taken funds out of a bank account. Every account read here draws that contrast with stablecoins such as USDC, which are issued outside the banking system, and the pilot description said JPMD could pay interest to holders. Holders must clear know-your-customer and anti-money-laundering checks, so the token cannot circulate freely through open DeFi applications. JPMorgan is separately building a shared tokenized-deposit network with two other large US banks.

Who Kinexys talked to

The provenance of the news splits. The Crypto Times and Coingape both name Bloomberg as the original account, citing a JPMorgan statement. CryptoTicker, writing at 22:34 London time, says Kinexys told The Block instead, and adds that no JPMorgan statement on the launch exists as such — the report rests on what the unit told trade media. The Block did file its own piece on Monday morning. Neither account confirms the other. What Kinexys said is consistent across all of them: Ethereum's "established depth of onchain liquidity and tokenized assets" made it the natural next public blockchain for the token.

Emma Landriault, global head of Kinexys Labs, said Ethereum offers deeper liquidity than rival networks and is already in use by institutional clients. Crypto firms could use JPMD for payments, she said, and financial institutions could use it to settle trades and post collateral.

"We've clearly been in a year of further convergence between Wall Street and crypto," Landriault said, in remarks two accounts carried.

The volume totals do not reconcile

Kinexys publishes numbers for everything it runs, not for JPMD alone, and the cumulative figure comes back two ways. The Crypto Times and BlockchainReporter both put total transactions above $4 trillion. CryptoTicker gives more than $3 trillion, calls that the bank's own documented 2025 figure, and says the $4 trillion number appears in trade publications as an upper bound and not from the bank. They do not reconcile. CryptoTicker adds that neither total is independently audited. Average daily volume of about $7 billion is the figure every account carries. BlockchainReporter alone puts JPMorgan Payments' overall daily volume near $12 trillion, which no other account checked mentions.

What the bank has not put a number on

No JPMD supply, transaction count or mainnet volume was disclosed, and no client using the main chain was named. Fees are the open question the accounts raise themselves, since Ethereum costs more to use than Base, and that tradeoff now falls to the token's users. Two J.P. Morgan Asset Management tokenized money market funds already sit on Ethereum, MONY from December 2025 and JLTXX from 13 May 2026, the second built around the reserve needs of stablecoin issuers. None of the accounts says JPMD can be used to buy or redeem either, so the settlement pairing those products suggest is not established. A January plan with Digital Asset to issue JPMD natively on the Canton Network in phases through 2026 got no mention on Monday. Matthew Dawson, a co-founder of the nonprofit Ethereum Institutional, welcomed the move, and his colleague Marius Smith posted that the token was live. The figure that would show whether any of this is being used is the one nobody published.