JPMorgan has extended JPMD, its dollar deposit token, to Ethereum for institutional clients. The Block reported the move on 19 October, citing a statement from the bank’s Kinexys unit.
JPMD launched in November 2025 on Base. It represents the bank’s existing deposits on a public blockchain, meant to make institutional onchain payments faster, and it now supports peer-to-peer transfers across the EVM ecosystem, including Base and Ethereum.
Kinexys said Ethereum’s depth of onchain liquidity and tokenised assets made it a natural next chain. Emma Landriault, who runs Kinexys Labs, said tokenised financial infrastructure is no longer theoretical.
She cited a platform that has handled more than $4 trillion in cumulative transactions, at an average of $7 billion a day. Those totals belong to Kinexys as a whole, not to JPMD, so they say little about how many clients actually hold the token or how often they move it.
JPMorgan has been heading this way for a while. It put a tokenised money market fund on Ethereum in December 2025, and a second in May 2026.
The outside voice was Matthew Dawson of Ethereum Institutional, who said finance is moving onto public, verifiable infrastructure. His firm has a stake in Ethereum’s adoption, so it is not a neutral view.
What is missing is the size. There is no circulating supply for JPMD, no volume since the Base launch, and no word on fees, minimums or whether tokens can move directly between the two chains.
