JPM Coin (JPMD) on Ethereum
What Was Announced
J.P. Morgan's newsroom post of 19 October states that JPM Coin is now live on Ethereum. The release describes JPMD as "native onchain cash that sits alongside the assets, collateral and counterparties" its institutional clients already use on the network, and points to two tokenized money market funds from J.P. Morgan Asset Management that are already on Ethereum: MONY and JLTXX.
Emma Landriault, Global Head of Kinexys Labs, said: "Issuing JPM Coin first on Base and now on Ethereum is a meaningful step towards providing our institutional clients with multi-chain optionality for moving wholesale money across both the web3 and traditional finance ecosystems."
The token has a short history on public networks:
June 2025: JPMD pilot announced on Base. The Base contract is created on 20 June.
12 Nov 2025: JPMD opened to institutional clients on Base. B2C2, Coinbase and Mastercard completed test transactions.
15 Dec 2025: J.P. Morgan Asset Management launches MONY on Ethereum.
7 Jan 2026: Digital Asset and Kinexys announce plans to issue JPMD natively on the Canton Network, in phases through 2026.
13 May 2026: J.P. Morgan Asset Management launches JLTXX on Ethereum.
1 Oct 2026: An SEC filing adds Solana as a second network for JLTXX.
19 Oct 2026: JPMD live on Ethereum.
What a DepositToken Is
J.P. Morgan describes JPM Coin as "a bank-issued deposit token, not a cryptocurrency or a stablecoin". Each token represents a US dollar deposit at the bank, so a holder has a claim on J.P. Morgan in the same way as with an ordinary deposit.
The distinction has a legal basis. The GENIUS Act, signed in July 2025, defines a payment stablecoin in a way that excludes deposits, including deposits recorded on a distributed ledger. Deposit tokens therefore stay under bank deposit law and bank supervision, not the new stablecoin issuer regime. One practical difference is interest: payment stablecoin issuers may not pay interest to holders, while banks can pay interest on deposits. J.P. Morgan's June 2025 pilot release said JPMD gives "the ability to pay interest to holders". Current materials do not say whether it pays interest today.
Access and redemption work as follows:
Who can hold it: only approved institutional clients. JPMD is not available to retail users and is not listed on exchanges.
Funding: clients move dollars into a Blockchain Deposit Account at J.P. Morgan and convert them into tokens.
Redemption: tokens can be redeemed back to dollars in that account at any time, with no lock-up.
Hours: on-chain transfers run at any time.
How the Ethereum Contract Works
The Ethereum contract is public and verified. Its main features are:
Allowlist: only approved addresses can hold or receive the token.
Supply cap: set at 100,000 JPMD at deployment and raised to 10,000,000 JPMD.
Issuer controls: J.P. Morgan can mint, burn, pause the token and make forced transfers.
Upgradeable: the contract can be upgraded, and administrative changes go through a two-hour time lock.
The Base contract is a separate deployment. J.P. Morgan has not described how tokens move between Base and Ethereum.
On-Chain Figures
The contract was deployed on 19 October at 06:52 UTC. Public on-chain data for both networks shows:
Ethereum: supply of zero and no transfers as of 22 October. One address has been added to the allowlist.
Base: supply of 1,001,000 JPMD (about $1.0 million) held by two addresses. Supply has not changed since 20 November 2025.
End-of-day supply does not capture tokens issued and redeemed within the same day, so it does not measure payment volume. J.P. Morgan has not published JPMD volume figures for public networks.
J.P. Morgan tokens on public chains.
J.P. Morgan's Funds on Ethereum
The two funds named in the release are already on Ethereum:
MONY (My OnChain Net Yield Fund): a private money market fund launched in December 2025, with a $1 million minimum and a 16 basis point fee. Its Ethereum supply is $103.1 million. That is the $100 million seed from J.P. Morgan in December 2025 plus reinvested dividends. rwa.xyz shows four holding addresses.
JLTXX (JPMorgan OnChain Liquidity-Token Money Market Fund): a registered government money market fund launched in May 2026. J.P. Morgan positioned it for reserves that stablecoin issuers must hold under the GENIUS Act. It holds about $792 million across two networks:
Ethereum: supply grew from $200 million at launch to a peak of $849 million on 24 September. Redemptions of $200 million on each of 21 and 22 October brought it to $342 million.
Solana: supply rose from almost zero a week earlier to $450 million on 22 October. Public data does not show whether the same investors moved between the two networks.
On rwa.xyz, JLTXX is the fifth-largest tokenized Treasury or money market product, and MONY ranks seventeenth. The category totals $14.4 billion across 119 products, down 3.5% over the last 30 days.
Largest tokenized Treasury and money market products.
J.P. Morgan describes JPMD as a cash leg for these assets. Subscriptions and redemptions currently use other channels: cash or USDC through J.P. Morgan's Morgan Money platform for MONY, and cash or stablecoins through a third-party vendor for JLTXX. No live link between JPMD and either fund has been announced, and no integration with a DeFi protocol has been announced.
Other Banks
Several banks run tokenized deposit services, most on private ledgers:
Bank | Product | Ledger | Status |
|---|---|---|---|
J.P. Morgan | JPMD | Base and Ethereum (public, allowlisted); Canton planned | about $1.0 million on-chain supply |
Citi | Citi Token Services | Private | Expanded to Japan and the UAE in September 2026 |
HSBC | Tokenised Deposit Service | Private | Launched in the US in April 2026 |
BNY | Tokenized deposits | Private | Live since January 2026, used for collateral and margin |
SG-FORGE | EURCV and USDCV | Public | Regulated stablecoins under MiCA, not deposit tokens: €189 million and $10.9 million |
The Clearing House, together with J.P. Morgan, Citi, Bank of America and Wells Fargo, has announced work on a shared tokenized deposit network, with a reported target of the first half of 2027.
Ethereum's Share of Tokenized Assets
On rwa.xyz, tokenized real-world assets excluding stablecoins total $39.1 billion, and $16.4 billion (42%) of that is on Ethereum. The next largest networks are BNB Chain (16%) and Solana (12%).
Tokenized real-world assets by network.
BNY and Citadel Securities: a Tokenized Treasury in Triparty Repo
The Transaction
BNY's press release of 13 October describes three steps:
Citadel Securities bought a two-year US Treasury note through BNY on Tradeweb.
A "tokenized representation of the security was recorded on BNY's private digital ledger and settled within minutes", instead of on the standard T+1 cycle (settlement on the next business day).
Citadel Securities then used the tokenized Treasury "as collateral in an overnight triparty repo", with BNY providing the cash.
A repo is a short-term loan in which one party sells securities and agrees to buy them back, usually the next day. In a triparty repo, a third party, the triparty agent, holds the collateral, values it and moves it between the two sides. BNY has been the only triparty agent in the US market since 2019. In this trade it was both the agent and the lender. BNY calls the trade the "first use of tokenized assets on a major triparty repo platform".
Dan Doherty, Digital Assets Operations Lead at Citadel Securities, said: "We're pleased to work with BNY on a practical use case that shows how tokenized U.S. Treasuries can move from settlement into financing more efficiently."
What Was Not Disclosed
The release does not disclose:
trade size, repo rate and haircut;
the name and technology of BNY's private ledger;
the legal form of the token, and where the underlying security was held;
the trade date (only the announcement date, 13 October, is known);
any regulator involvement.
No public blockchain was used. Citadel Securities did not publish its own release.
The Triparty Market
The trade took place in one of the main US funding markets. Data from the Office of Financial Research (OFR) shows:
Volume: triparty repo averaged $2.28 trillion a day in September 2026.
Treasury collateral: $951 billion of that (42%) was backed by Treasuries.
Growth: excluding the Federal Reserve's reverse repo facility, annual average volume rose from $1.25 trillion a day in 2019 to $2.31 trillion so far in 2026.
US triparty repo daily volume.
The OFR's broader sizing puts the whole US repo market at $12.6 trillion of average daily exposures in the third quarter of 2025, of which BNY's triparty platform held $3.1 trillion outside central clearing.
Treasury market rules are also changing. Under the SEC's central clearing mandate, eligible cash Treasury trades must be centrally cleared by 31 December 2026 and eligible repo by 30 June 2027. BNY did not link the Citadel trade to the mandate.
Tokenized Repo Elsewhere
Tokenized repo already exists at scale on other platforms:
Broadridge Distributed Ledger Repo (DLR): a ledger-based platform for settling repo, including intraday repo. Its average daily volume rose from about $65 billion in October 2024 to $385 billion in October 2025. Since September 2025 it has stayed between $339 billion and $385 billion a day, with $359 billion in September 2026. Year-on-year growth fell from 508% in January 2026 to 28% in July.
Canton Network pilots: in August and September 2025, a working group that included Citadel Securities, Bank of America, Circle, DTCC and Tradeweb financed tokenized Treasuries on Canton, using USDC and other stablecoins as the cash leg.
J.P. Morgan Kinexys: runs intraday repo and pledges tokenized money market fund shares as collateral on its private platform.
Broadridge DLR tokenized repo volume.
These platforms report different measures. DLR volume is a daily flow, like triparty volume, and in September it was about 16% of triparty volume. Tokenized Treasuries on public networks are a stock: $14.4 billion is the value outstanding, not a daily amount.
Daily repo volumes, September 2026.
BNY's Earlier Steps and Stated Next Steps
The Citadel trade follows several BNY digital asset launches:
July 2025: with Goldman Sachs, records of money market fund shares on Goldman's GS DAP ledger, accessed through BNY's LiquidityDirect platform.
November 2025: a money market fund built to hold stablecoin reserves.
January 2026: tokenized deposits on its private ledger for collateral and margin, with Citadel Securities and ICE among the first participants.
June 2026: USDC added to its custody platform.
In the 13 October release, BNY said it plans to add "additional digital cash and tokenized deposit capabilities". It also expects to extend the operating hours of its settlement platforms for Fed-eligible securities and US triparty, "with a view to extend into European and Asian trading hours next year". A BNY Institute paper published the same day sets a 2027 aim of round-the-clock clearing and financing for both traditional and tokenized Treasuries.
