JPMorgan extends JPMD transfers to Ethereum

JPMorgan is extending its USD deposit token JPM Coin, or JPMD, to Ethereum for institutional clients, adding the network to the token’s existing Base availability. The Block reported that Kinexys described Ethereum’s onchain liquidity and tokenized assets as reasons for the expansion. JPMD now supports peer-to-peer transfers within the Ethereum Virtual Machine ecosystem, including Base and Ethereum.

What changes for JPMD transfers on Ethereum?

The reported change is support for transfers on another public blockchain. JPMD represents JPMorgan’s existing bank deposits onchain, according to The Block. The bank first made the token available to institutional clients on Base in November 2025. At launch, clients could send and receive JPMD on Base, while B2C2, Coinbase and Mastercard had completed test transactions during the proof of concept, The Block reported at the time.

The new report describes peer-to-peer transfers within the EVM ecosystem, including both networks. It does not specify whether clients can transfer JPMD directly between Base and Ethereum, or whether the token must be separately issued or redeemed on each network. EVM compatibility alone does not establish a cross-chain transfer path: the report does not name a bridge, messaging protocol or other mechanism that connects the ledgers.

What is JPMD, and who can use it?

JPMD is a bank deposit token for institutional clients, rather than a permissionless dollar token. Its value represents deposits at JPMorgan. That distinction ties the onchain asset to the bank’s deposit relationship and client access controls. The report does not say that Ethereum support opens JPMD to retail users or to any wallet without onboarding.

In its original Base rollout, JPMorgan said institutional clients could make near-real-time peer-to-peer transfers between EVM-compatible wallets. The expansion broadens the stated network reach, but the new report does not give an Ethereum contract address, transaction limits, fees, or the issuance and redemption procedure on Ethereum. It also does not describe how JPMorgan will ensure that balances on separate networks map to deposits without duplication. Those details matter to institutions that need to reconcile token balances against bank records and settle obligations across chains.

Why add Ethereum after Base?

Kinexys pointed to Ethereum’s depth of onchain liquidity and tokenized assets as the rationale, according to The Block. Adding the network puts JPMD alongside activity and assets already native to Ethereum, while retaining Base as an existing venue for the token. The report gives no launch schedule beyond saying JPMD has been brought to Ethereum, and it does not name client transactions completed there.

The expansion therefore confirms additional network support, while leaving the operational route unresolved in public reporting. Institutions still need details on which contracts represent JPMD on each chain, how transfers are authorized, and whether movement between networks uses a bridge or separate bank settlement. Until those mechanics are specified, support for both Base and Ethereum should be read as availability across two networks, not proof that a token can move between them in one cross-chain transaction.

Sources and documents

• The Block reported — theblock.co
• The Block reported at the time — theblock.co