JPMorgan's JPMD Deposit Token Goes Live on Ethereum Mainnet

Kinexys, JPMorgan‘s blockchain division, has deployed JPMD, its US dollar deposit token, on the Ethereum mainnet. The token had already been live on Coinbase‘s Base network since November 2025 and is also planned for the Canton Network. Approved institutional clients can now move tokenised JPMorgan deposits across both Base and Ethereum around the clock.

The strategic logic is chain adjacency. Ethereum is where the tokenised fund and securities ecosystem has settled: BlackRock‘s BUIDL and JPMorgan Asset Management’s own tokenised money market funds both operate on Ethereum layer 1. A deposit token functioning as a cash or collateral leg in those transactions needs to sit on the same chain, not one hop away. Base was a defensible first venue given the Coinbase relationship, but Ethereum was the necessary next step for JPMD to participate meaningfully in settlement workflows alongside live tokenised assets.

Volume figures cited in the announcement warrant careful reading. Kinexys reports cumulative platform volumes exceeding $4 trillion and daily volumes around $7 billion, but those numbers span the full suite of Kinexys services, including payments and a tokenised collateral network. They do not represent JPMD activity on public chains specifically, so the figures should be taken as context for the broader Kinexys operation rather than evidence of traction for the deposit token on Ethereum or Base.