JPM Coin (JPMD) by JPMorgan Chase: status and timeline

JPM Coin (JPMD)

Provide institutional clients with 24/7 blockchain settlement of USD deposits, replacing traditional multi-day banking with instant on-chain transfers across Base, Solana, and future chains.

DeployStage 4 of 5

Live on Base since November 2025. Euro (JPME) planned.

Updated 12 Nov 2025Checked 11 Oct0 updates this week

Milestones

Next · JPME trademark secured; multi-chain expansion

JPMorgan launches JPM Coin internally2019Complete.
Blockchain division rebrands to KinexysNov 2024Complete.
JPMD pilot begins on Base with Coinbase, B2C2, MastercardJun 2025Complete.
JPMD officially launches for institutional clients on Base12 Nov 2025Complete.
JPME trademark secured; multi-chain expansionTarget 2026Current milestone.

Most important updates

Upcoming

2026JPME trademark secured; multi-chain expansion (next)
2027Euro deposit token (JPME) launch
2027Multi-blockchain expansion

Current obstacles

Regulatory approval for multi-chain expansionExtending JPMD to additional blockchains and currencies requires approvals from multiple regulatory jurisdictions.
Institutional onboarding and integrationBanks and financial institutions must integrate new systems and settle internal approvals to use deposit tokens.

Physics limits

Blockchain throughputTransaction capacity depends on the underlying blockchain's performance; however, Base and Solana handle significantly higher throughput than Bitcoin or earlier Ethereum.
Regulatory constraintsBank deposit products face numerous regulatory requirements that limit how freely they can be deployed across borders or modified.

How it works

3 parts

Deposit Representation

1:1 bank deposits on blockchain

JPMD tokens represent US dollar deposits at JPMorgan Chase, combining bank certainty with blockchain settlement.

24/7 Settlement

Transactions any time on public chains

Institutional clients send and receive JPMD on Base and Solana any time with instant finality, unlike traditional banking.

Regulated Instrument

Bank product, not crypto

JPMD is a regulated banking product from a US bank holding company, with depositor protections unlike stablecoins.

Spec sheet

Spec	JPM Coin (JPMD)
Backing ratio	1:1 with JPMorgan deposits^R (reported)
Settlement time	Instant^R (reported)
Daily transaction volume on JPM Coin	~$1B^R (reported)

^R reported by the company

Update log

2 updates

Wed 12 Nov 2025

Major: JPMorgan officially launches JPMD deposit token on Base for 24/7 institutional settlementPressCommercial

Jun 2025

Major: JPMorgan begins pilot of JPMD deposit token on Coinbase Base with major financial partnersPressTest

About JPMorgan Chase

The team behind JPM Coin (JPMD)

JPMorgan Chase

JPM Coin, Kinexys, blockchain

JPMorgan Chase is the largest US bank by market capitalization. Its Kinexys division builds blockchain infrastructure for institutional payments, digital assets, and settlements. The division was rebranded to Kinexys in late 2024, expanding from JPM Coin into a broader platform.

JPMorgan established its blockchain division in 2015 and launched JPM Coin in 2019, initially for internal payments and repo transactions.
The division rebranded to Kinexys in November 2024, expanding from a single product into a platform for payments, digital assets, and data.
Major clients include Qatar National Bank, FedEx, Axis Bank (India), and Ant International.

jpmorganchase.com (opens jpmorganchase.com)Company profile →

Founded: 200026 yrs
Headquarters: United States
Status: Public
Valuation: $505Best. market capOct 2026estimate
Staff: ~318,512Jan 2026
Works in: CryptoStablecoins & tokenization
Coverage: 1 program · 2 updateslatest 12 Nov 2025checked 11 Oct
Customers: Qatar National Bank (opens qnb.com)FedEx (opens fedex.com)Axis Bank (opens axisbank.com)
Partners: Coinbase (opens coinbase.com)B2C2 (opens b2c2.com)Mastercard (opens mastercard.com)
People: Jamie Dimon (opens en.wikipedia.org)Chairman and CEO of JPMorgan Chase

Spec

JPM Coin (JPMD)

Backing ratio

1:1 with JPMorgan deposits^R (reported)

Settlement time

Instant^R (reported)

Daily transaction volume on JPM Coin

~$1B^R (reported)