# JPMorgan's JPM Coin Limits Ethereum Transfers to Approved Institutions By John Kim Canonical URL: https://www.tokenpost.com/news/business/35488 Published: 2026-10-20T09:22:44.000Z Updated: 2026-10-20T09:22:44.000Z Section: Business > JPM Coin represents dollar deposits held at the bank. Institutional clients can transfer it outside standard banking hours. JPMorgan's JPM Coin (JPMD) lets approved institutions transfer deposits on Ethereum following its Oct. 19 launch, highlighting a different access model from widely available dollar stablecoins. JPMD represents deposits held at JPMorgan and is restricted to institutions the bank approves. USD Coin (USDC) and Tether (USDT), issued by Circle and Tether, generally do not require that kind of institutional onboarding, although their issuers can restrict addresses or freeze transfers. JPMD supports direct transfers between institutional clients using Ethereum-compatible wallets, including outside standard banking hours. Its access model keeps participation within the bank’s approved institutional customer base. The token is built on Kinexys, JPMorgan’s blockchain unit, formerly known as Onyx. Kinexys has processed more than $4 trillion in transactions and averages about $7 billion in daily volume across businesses that include cross-border payments and tokenized collateral. Those are Kinexys-wide figures, not JPMD-specific measures. JPMorgan also processes about $12 trillion in payments each day across its wider business, a separate measure of the bank’s activity. Ethereum hosts BlackRock’s BUIDL fund and JPMorgan’s tokenized money market funds, placing JPMD on a network already used for tokenized investment products. Other firms are developing related products with different structures. Citi Token Services supports tokenized deposits in seven markets and expanded to Japan and the United Arab Emirates in September 2026. SoFi Bank launched sofiUSD, a stablecoin, on Ethereum in December 2025 and expanded it to Solana in April 2026. JPMD, by contrast, represents deposits held at JPMorgan and requires institutional approval. JPMorgan first launched JPMD on Coinbase’s Base in November 2025; the [Ethereum rollout]() adds another public blockchain venue. JPMorgan and Digital Asset have also announced a phased integration aimed at native issuance on Digital Asset’s Canton Network during 2026. ## Links in this article - [Ethereum rollout](https://www.tokenpost.com/news/business/35399)