JPMorgan’s JPM Coin Shows Zero Supply on Ethereum (ETH) After Oct. 19 Launch

Zero Provide on JPMD’s Ethereum Contract

JPMorgan’s deposit token has been dwell on Ethereum ($ETH) since Oct. 19, and the contract knowledge thus far reads a flat zero. As of Oct. 22, the Ethereum deployment of JPM Coin (JPMD) confirmed zero circulating provide and nil recorded transfers, with precisely one allowlisted tackle registered within the verified sensible contract. The financial institution, whose shares commerce underneath JPMorgan (JPM), opened the token to accredited institutional purchasers on the community that day, extending a rollout that started in November 2025 on Base, Coinbase’s Layer 2 community. The Base contract tells a quieter model of the identical story: about 1,001,000 tokens held throughout two addresses, unchanged since Nov. 20, 2025. JPM Coin is a tokenized declare on greenback deposits held on the financial institution, and its construction differs from an open stablecoin: the contract sits on a public blockchain, however solely accredited buyer addresses can obtain the token. Sentora, the on-chain analysis agency behind the overview printed Oct. 23, notes that an tackle depend measures registered addresses, not prospects or precise customers, and {that a} standing provide determine can’t seize funds the place issuance and redemption occur throughout the similar day. In plain phrases, provide is the quantity of a token excellent at a given second, so the zero stability describes the Ethereum ($ETH) contract’s state on Oct. 22 relatively than the whole lot JPM Coin does throughout networks. The unchanged Base stability additionally doesn’t rule out earlier transfers, because the overview stories a snapshot relatively than a full switch historical past for that community. The Oct. 19 announcement cited Ethereum’s tokenized asset and liquidity base as the rationale for enlargement, however an announcement and precise issuance are separate levels, and JPMorgan has not disclosed issuance or transaction volumes for the brand new deployment. The launch landed whereas Ethereum value dialogue this week has centered on institutional flows relatively than new rails.

JLTXX Information $400 Million in Redemptions

Sentora’s printed analysis provides the second knowledge level, and this one exhibits motion. Its contract-level evaluation put $400 million in redemptions on the Ethereum ($ETH) deployment of JLTXX, a tokenized cash market fund from J.P. Morgan Asset Administration, throughout Oct. 21 and Oct. 22. Over the identical two days, the fund’s Solana deployment climbed from successfully zero to $450 million. The pairing is suggestive relatively than conclusive: one determine is a redemption stream, the opposite a standing deployment measurement, and the info doesn’t tie particular person buyers to either side of the transfer. The product context arrived on Oct. 22, when the asset supervisor introduced that JLTXX and its My OnChain Internet Yield Fund (MONY) have been open to certified U.S. buyers on Solana, with subscriptions and redemptions dealt with by the agency’s Morgan Cash platform. JLTXX is described in that announcement as a U.S. registered authorities cash market fund constructed to help stablecoin issuers underneath the GENIUS Act. “Our purchasers function throughout a couple of community, and their liquidity ought to too,” stated Paul Przybylski, who leads product, digital and tokenized property on the agency. MONY, a non-public placement launched in December 2025, carries a $1 million minimal, charges of 16 foundation factors, and a portfolio of U.S. Treasury securities and Treasury-backed repurchase agreements focusing on a $1 internet asset worth per share exterior Rule 2a-7. Traders want their very own blockchain addresses to carry the tokens, peer-to-peer transfers are restricted to purchasers, and official shareholder information keep off-chain with SS&C as switch agent. JPMorgan’s supplies additionally notice that pursuits within the funds are usually not financial institution accounts and carry no Federal Deposit Insurance coverage Company insurance coverage. The identical briefing discovered no dwell on-chain integration connecting JPM Coin with the financial institution’s funds or decentralized finance protocols.