Kinexys, JPMorgan's blockchain platform, has brought its bank deposit token to the Ethereum mainnet for institutional clients, according to an announcement from the unit's global head.
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," Harris said. "A lot of that activity is on Ethereum, so it was the natural place to go next."
What the token represents
JPM Coin is a bank-issued digital representation of a commercial bank deposit held in JPMorgan accounts. The funds backing the token never leave the banking giant's regulated infrastructure.
The mainnet expansion follows JPM Coin's launch on Base, an Ethereum layer-2 blockchain built within the crypto exchange Coinbase, late last year.
Broader tokenization efforts
In December, the banking giant also launched MONY, a tokenized money market fund powered by Ethereum. The fund targets qualified investors, offering U.S. dollar yields, and it invests solely in U.S. Treasury securities and repurchase agreements backed by them. JPMorgan launched a second tokenized money market fund, JLTXX, on Ethereum in May.
In August, JPMorgan noted that more than $4 trillion in payments had been processed on Kinexys since the platform's inception, with an average of $7 billion transacted on a daily basis.
