JP Morgan’s Kinexys, the company’s industry-leading blockchain business unit, has introduced on-chain institutional finance, marking an important and tangible step in the evolution of digital currency. Following a successful proof of concept from JPMD, JP Morgan’s USD-denominated deposit token JPM Coin (ticker: JPMD) is now available to JP Morgan institutional clients on Base, the Ethereum Layer 2 blockchain built in Coinbase. JPMD remains the symbol for the JPM Coin USD deposit token.
JPM Coin offers JP Morgan institutional clients the ability to make native on-chain digital payments, which serve as a digital representation of a bank deposit on a public blockchain. This will help meet the growing demand from digitally native and traditional businesses to further engage in digital assets with faster and easier movement of money on public blockchains.
Customers including B2C2, Coinbase, and Mastercard have all achieved near-instant issuance and redemption of JPMD on Base as part of the proof of concept. JP Morgan’s Kinexys launched USD deposit token proof of concept in June 2025.
Thomas Restout, CEO of B2C2 Group, said: “At B2C2, we are committed to advancing the use of bank-issued deposit tokens for institutional trading. Integrating JPM Coin into our infrastructure helps us provide real-time on-chain settlement with the assurance of a regulated USD deposit, a crucial advancement in market infrastructure that strengthens liquidity, trust and interoperability of digital assets.
Jesse Pollak, creator of Base and VP of Engineering at Coinbase, said: “We believe that bringing institutions online has the power to unlock a truly global economy. We are excited to see one of the world’s most valuable banks bringing institutional money to a more global economy on a public blockchain. Base offers settlement in less than a second, in less than a cent, 24/7, making transfers payments between JP Morgan institutional clients almost free and instant, even across international borders.
Lauren Abendschein, Vice President of Institutional Sales at Coinbase, said: “The next evolution of digital currency is here. We are proud to collaborate with JP Morgan’s Kinexys to issue custodial tokens on Base. We built Base to be a fast, cheap and secure public blockchain, which can help reduce costs, improve efficiency and improve liquidity. Coinbase is a long-time institutional customer of JP Morgan, and the ability to use JPM Coin on Base helps bring institutional money into the global on-chain economy.”
Raj Dhamodharan, Executive Vice President, Blockchain and Digital Assets at Mastercard, said: “The collaboration with JP Morgan’s Kinexys to integrate JPM Coin into the Mastercard Token Network marks an important milestone in our strategy to build an open, interoperable network for digital assets and bank deposits. This integration provides secure, streamlined access to on-chain payments for our joint customers and the entire industry, underpinned by Mastercard’s principled approach to trust, safety and security. compliance.”
Starting today, JP Morgan institutional clients can use JPM Coin to make near real-time peer-to-peer transfers between Ethereum Virtual Machine (EVM)-enabled wallets, providing the flexibility to transfer funds securely and efficiently with minimal delay. JP Morgan’s deposit token is also designed to be integrated with smart contracts on public blockchain networks, which could help facilitate complex financial workflows and automation in the future.
Naveen Mallela, Global Co-Head of Kinexys by JP Morgan, said: “Kinexys by JP Morgan is leading the way in digital payments through our private blockchain. With JPM Coin now available to our institutional clients, we are moving the industry forward in transactions on public blockchains, starting with Base, the Ethereum Layer 2 public blockchain built in Coinbase. JPM Coin offers the security of bank-backed deposits and settlements, combined with speed and 24/7 innovation, near real-time blockchain transactions, increasing efficiency and freeing up liquidity.
Discover the media coverage in Bloomberg and learn more about Kinexys from JP Morgan here. Learn how other customers, such as Siemensare also leveraging JP Morgan’s Kinexys to better manage their businesses.
