Update: 25.10.2026, 15:26.
On 19 October 2026 J.P. Morgan launched its dollar deposit token JPM Coin (JPMD) on the Ethereum network. Previously it ran on the Base network. According to the bank, its blockchain unit Kinexys has already processed more than $4 trillion in transactions. We explain what a deposit token is and what it means for businesses.
The facts
- JPM Coin (JPMD) is a digital form of a dollar deposit, issued by Kinexys – the blockchain unit of J.P. Morgan Payments.
- Since 19.10.2026 it has run on Ethereum. Since November 2025 it has run on Base (a layer-two network for Ethereum).
- It is available only to the bank’s institutional clients . It lets them send money directly to one another.
- According to Kinexys data, the network has processed more than $4 trillionin total, an average of $7 billion a day.
What came before
2020 – J.P. Morgan creates the Onyx unit (Kinexys since 2024).
November 2025 – JPM Coin (JPMD) launches on Base.
April 2026 – new Kinexys head Oliver Harris: “tokenisation is not liquidity”.
19 October 2026 – JPMD on Ethereum.
What a deposit token is
It is not a cryptocurrency or a stablecoin. Behind the token is an ordinary deposit at a supervised bank. The difference is that the money can be sent on a blockchain network at any time, in seconds, and linked to a “smart” contract – for example a payment made automatically on delivery of goods.
TBT analysis – conclusions
The largest US bank is choosing public networks (Base, Ethereum) rather than only its own closed infrastructure. It is a sign that blockchain settlement is entering mainstream corporate finance. For small businesses in the UK and Poland the change will be visible indirectly: faster international payments and new banking services within a few years.
Risks
- Public networks carry the risk of cyberattacks and smart contract errors.
- Rules on deposit tokens and stablecoins are still being drawn up in the US, UK and EU.
- The service is only for institutions – retail customers have no access.
Who it affects and what to watch
It mainly affects firms with international payments, treasurers and finance departments. It is worth watching whether British and European banks offer similar services and what the UK’s stablecoin rules will look like (new FCA regime from 25 October 2027).
Read also: Apple or Nvidia shares as tokens – the SEC opens the way
Sources
- J.P. Morgan – Kinexys Brings JPM Coin Deposit Token to Ethereum (19.10.2026) – primary source
- The Block – JPMorgan expands JPM Coin to Ethereum (19.10.2026) – supporting source
- CoinDesk – Kinexys head on tokenisation (29.04.2026) – supporting source
We assess factual corrections and substantive responses. Verified changes are reflected in our reporting.
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