JPMorgan Expands JPM Coin Deposit Token to Ethereum Mainnet for Institutional Clients

JPMorgan Chase launched its institutional dollar deposit token, JPM Coin (JPMD), on the Ethereum mainnet on October 19, 2026, granting approved corporate clients 24/7 on-chain settlement. The expansion follows its November 2025 rollout on Coinbase's Layer-2 Base network, where supply stood at roughly $1 million across two addresses. Unlike retail stablecoins, JPMD represents commercial bank deposits held directly at JPMorgan and completely bars retail access. However, on-chain analysis by Sentora through October 22 showed zero circulating supply, no recorded transfers, and just one allowlisted Ethereum address, while spot Ether ETFs experienced $103 million in outflows on launch day.