JPMorgan brings JPM Coin to Ethereum to test bank-money settlement

JPMorgan made its dollar deposit token JPM Coin, known as JPMD, available on Ethereum on October 19, 2026, giving approved institutional clients another way to settle transactions using bank-issued money. JPMD represents dollar deposits held at JPMorgan, falls under bank-deposit rules rather than stablecoin rules, and can be held and transferred only by approved institutional clients. It had launched on Base on November 12, 2025, after testing with B2C2, Coinbase and Mastercard, and JPMorgan expanded to Ethereum citing that network’s deep liquidity and growing market for tokenized products. The expansion is also intended to test whether deposit tokens can compete with stablecoins for institutional payments.