What is JPM Coin and is it a stablecoin?

JPM Coin is a digital token from J.P. Morgan that represents US dollars held on deposit at the bank, so one coin always stands for one dollar. It is built for large companies and financial firms, not for individuals. Today it runs on public blockchains under the ticker JPMD and is issued through Kinexys, the bank's blockchain unit covered in what is Kinexys.

What was the original JPM Coin?

J.P. Morgan unveiled JPM Coin on February 14, 2019, describing it as the first effort of its kind by a major US bank, UPI reported. The bank said each coin represented dollars held in designated accounts at JPMorgan Chase and was always worth one dollar. When a client sent coins, they were moved and redeemed for dollars right away, cutting settlement time between institutional accounts.

That original version ran on the bank's own permissioned network. In November 2024, when J.P. Morgan rebranded its blockchain unit, it renamed the service Kinexys Digital Payments, formerly the JPM Coin System.

What is the JPMD deposit token on Base?

In June 2025 J.P. Morgan began a proof of concept for JPMD, a dollar deposit token on Base, the Ethereum layer 2 network built within Coinbase. The bank called it permissioned, backed by its balance sheet, and able to pay interest to holders.

On November 12, 2025, it announced that JPM Coin (JPMD) was available to its institutional clients on Base. Clients can send it between Ethereum-compatible wallets with near-instant settlement around the clock. B2C2, Coinbase and Mastercard completed issuance and redemption in the trial, and Mastercard said it would bring JPM Coin to its Mastercard Token Network. On October 19, 2026, JPM Coin also went live on Ethereum, with transfers possible across Base and Ethereum.

Is JPM Coin a stablecoin?

No, though it looks similar on a screen. A stablecoin is usually issued by a company that holds a pool of reserves. JPM Coin is a bank deposit recorded as a token, so the holder's claim is on J.P. Morgan itself. J.P. Morgan positions deposit tokens as an alternative to stablecoins that fits with the traditional banking system, and its 2025 announcement noted that, unlike stablecoins, JPMD can pay interest. The legal differences are set out in what is a tokenized deposit.

Can you buy JPM Coin?

Not as an individual. As of November 2026, J.P. Morgan says JPM Coin is available only to its institutional clients, and the token is permissioned, so only approved wallets can hold it. Any token offered to the public under the JPM Coin name is not one J.P. Morgan describes in its announcements.

J.P. Morgan says Kinexys has handled more than $4 trillion in cumulative transactions across its products, based on internal data cited in October 2026.