JPMorgan brings its JPMD deposit token to Ethereum: retail clients stay shut out

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.JPMorgan brought its dollar deposit token JPMD to the Ethereum mainnet on October 19, 2026, after almost a year on the layer-2 network Base. The token now sits on an open blockchain, yet nobody can trade it without the bank's approval.The largest US bank has been using the Ethereum mainnet for its own payments since October 19, 2026. JPMorgan has rolled out JPM Coin, or JPMD, there. It is a deposit token denominated in US dollars: each unit represents one dollar a client holds at the bank. Until now JPMD had run on Base since November 2025, a layer-2 network developed at Coinbase. The step was reported among others by The Block, to which the bank's Kinexys unit said the existing depth of liquidity and tokenised assets on Ethereum made the network the obvious next public blockchain for JPMD. For investors in Germany the news matters for a different reason than it does for the bank. JPMD is not a token anyone can buy, and going by everything JPMorgan has published about it, it wil...