JPMorgan Brings JPM Coin to Ethereum, Keeps Retail Users Out

JPMorgan made its JPM Coin deposit token available on Ethereum on Oct. 19, giving eligible institutional clients another network for peer-to-peer transfers of dollar deposits. The service is not available to retail users.

The token uses the JPMD ticker and represents a deposit held at JPMorgan. It supports transfers between approved institutional clients. The Ethereum launch adds the network’s main blockchain to Base, an Ethereum layer-2 network where JPM Coin has been available since Nov. 12, 2025.

Access remains limited to JPMorgan’s institutional clients. Having an Ethereum wallet does not give a user access to JPMD.

JPMorgan’s announcement described Ethereum as a network where institutions use tokenized assets, collateral and other financial products. The bank also has two tokenized money-market funds on Ethereum.

JPMorgan Asset Management launched the private-placement My OnChain Net Yield Fund, known as MONY, on Ethereum on Dec. 15, 2025. Qualified investors can access the fund through the Morgan Money platform.

The JPMorgan OnChain Liquidity-Token Money Market Fund, or JLTXX, followed on May 13, 2026. It is a U.S.-registered government money-market fund available to qualified investors through Morgan Money.

JPMD and the two funds have different functions. JPMD represents a bank deposit used for payments. MONY and JLTXX provide investment exposure to money-market funds through tokens. JPMorgan’s Oct. 19 announcement did not state that clients can use JPMD to subscribe to or redeem shares in either fund.

JPMorgan described programmable treasury services through institutional clients’ wallet interfaces as a potential use for JPMD. The Ethereum launch currently gives eligible clients an additional network for moving dollar deposits between approved counterparties.