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JPMorgan drops JPM Coin on Ethereum with zero retail access

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JPMorgan drops JPM Coin on Ethereum with zero retail access

JPM Coin gives the bank's institutional clients an Ethereum payment route, with direct fund subscriptions still unannounced.

JPMorgan made its JPM Coin deposit token available on Ethereum on Oct. 19, giving its institutional clients another public-blockchain route to send and receive dollar deposits. The launch adds Ethereum's main network alongside the token's existing availability on Base.

JPMorgan says the expansion puts native cash on the network where institutions already transact with tokenized assets, collateral and counterparties. That includes its own tokenized money-market funds, bringing the bank's payment and investment offerings onto the same public blockchain.

JPM Coin, which uses the ticker JPMD, digitally represents a bank deposit. The bank's Ethereum announcement says it supports peer-to-peer transfers between institutional clients in the Ethereum Virtual Machine ecosystem, including Base and Ethereum.

Participation remains tied to the bank's institutional client base. A public network does not make the service available to every Ethereum wallet holder, and the announcement includes no retail rollout. The new route broadens where those clients can transact.

In November 2025, JPM Coin became available to institutional clients on Base on November 12, after the proof of concept had begun in June 2025. Base is an Ethereum Layer 2 network. The October launch adds the Layer 1 network itself, extending the deposit token's reach within the Ethereum ecosystem.

The deposit token joins investment products already on Ethereum. JPMorgan Asset Management launched My OnChain Net Yield Fund, or MONY , on Ethereum on Dec. 15, 2025. The private-placement money market fund is available to qualified investors through Morgan Money, the firm's investment platform.


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