What Is JPM Coin? JPMorgan's Deposit Token Explained (Now on Ethereum)

JPM Coin is JPMorgan's deposit token: it is backed by US dollars held in JPMorgan bank accounts, and only vetted, approved institutional clients can use it. JPMorgan says it is not a cryptocurrency or a stablecoin. The name goes back to a 2019 project on a private blockchain (as reported at the time); the deposit token launched on Base in November 2025 and arrived on Ethereum in October 2026. JPMorgan's blockchain platform, Kinexys, averaged $7 billion a day as of October 2026, less than a tenth of one percent next to the more than $10 trillion in payments JPMorgan processes daily.