Banking / Digital Payments

JPM Coin (JPMD): J.P. Morgan's USD Deposit Token

JPM Coin (ticker JPMD) is J.P. Morgan's USD deposit token for institutional clients, live on Base since November 2025 and planned for Canton in 2026. It is a tokenized bank deposit, not a stablecoin.

Summary

JPMD is the ticker of JPM Coin, a USD deposit token that J.P. Morgan issues to institutional clients on public blockchains, starting with Base, the Ethereum Layer 2 built within Coinbase. Each token is a digital representation of a J.P. Morgan USD deposit, so the holder has a claim on the bank, not on a reserve pool. The name JPM Coin once referred to the bank's private-ledger payment system and now refers to this token.

How it works

J.P. Morgan renamed its blockchain unit from Onyx to Kinexys in November 2024. In June 2025, Kinexys started a JPMD pilot on Base, describing it as a permissioned USD deposit token for live institutional payments. B2C2, Coinbase and Mastercard completed near-instant issuance and redemption in the proof of concept, and on 12 November 2025 J.P. Morgan made JPMD available to its institutional clients on Base. On 7 January 2026, Digital Asset and Kinexys announced plans to bring JPMD natively to the Canton Network in phases through 2026.

The naming causes confusion, so here is the split. The JPM Coin System ran on J.P. Morgan's private permissioned blockchain as a network of blockchain deposit accounts. In November 2024 it was renamed Kinexys Digital Payments. JPM Coin, ticker JPMD, is the token itself: a deposit that can leave the private ledger and circulate on a public chain between approved parties. Blockchain Deposit Accounts are now the on-ramp and off-ramp between a client's traditional cash management and JPMD on-chain.

JPMD is permissioned even though it runs on a public chain. Only J.P. Morgan institutional clients can send and receive it. J.P. Morgan positions it for moving money, posting collateral and settling transactions on public blockchains, available 24/7/365 apart from a scheduled three-hour window every Saturday (3-6 p.m. EST). Issuance and redemption against ordinary deposits are near instant.

The difference from a stablecoin is on the balance sheet. A stablecoin issuer holds a reserve against tokens it has sold to the market. JPMD is J.P. Morgan's own deposit liability, backed by the bank's balance sheet and plugged into its existing settlement capabilities. When it launched the pilot, J.P. Morgan pointed to one practical consequence: a deposit token can pay interest to holders, which stablecoins typically cannot.

Canton is the second network. The plan covers native issuance, transfer and near-instant redemption of JPMD on Canton, and the two firms will also look at connecting J.P. Morgan's Blockchain Deposit Accounts. The reason is proximity. A deposit token on the same network as a tokenized bond or repo trade can act as the cash leg of an atomic settlement, instead of cash arriving later through a separate payment system.

For a corporate treasurer or a trading firm, JPMD means bank money that settles outside banking hours, on the chains where counterparties already operate, without taking stablecoin issuer risk. It is not a retail product, and it only reaches counterparties that J.P. Morgan has onboarded. What it shows is that banks intend to compete for on-chain cash with deposits instead of leaving that market to stablecoin issuers. The Kinexys payments and settlement business is covered on separate pages.

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