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Kinexys, JPMorgan’s blockchain platform, has launched its bank deposit token on the Ethereum (ETH) mainnet for institutional clients.
Oli Harris, global head of Kinexys, announced the expansion of JPM Coin (JPMD) on LinkedIn on Monday morning.
“More institutions are moving on chain and we want our clients to have USD deposit liquidity wherever they’re operating. A lot of that activity is on Ethereum, so it was the natural place to go next,” Harris stated.
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JPM Coin is a bank-issued digital representation of a commercial bank deposit held in JPMorgan accounts. The funds backing the token remain within the banking giant’s regulated infrastructure and never leave it.
This mainnet expansion follows JPM Coin’s launch on Base, an Ethereum layer-2 blockchain developed by Coinbase, late last year.
In December, JPMorgan also launched MONY, a tokenized money market fund powered by Ethereum. Targeting qualified investors, the fund offers U.S. dollar yields by investing solely in U.S. Treasury securities and repurchase agreements backed by them. JPMorgan subsequently launched a second tokenized money market fund, JLTXX, on Ethereum in May.
In August, JPMorgan reported that more than $4 trillion in payments had been processed on Kinexys since the platform’s inception, with an average daily transaction volume of $7 billion.
