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JPMorgan\u2019s JPM Coin has recorded zero supply and zero transfers on Ethereum in a contract review by Sentora, days after the bank announced the deposit token\u2019s arrival on the network.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n Sentora said its review found exactly one allowlisted address in the verified Ethereum contract, while the token\u2019s Base deployment held roughly $1 million across two addresses, unchanged since November 2025.<\/p>\n The research firm\u2019s findings<\/a> cover the deposit token and separate movements in J.P. Morgan Asset Management\u2019s tokenized liquidity fund. Its briefing reported $400 million in JLTXX redemptions on Ethereum across Oct. 21\u201322, alongside a rise in the fund\u2019s Solana deployment from near zero to $450 million.<\/p>\n Sentora attributed those figures to its contract-level analysis. The timing does not establish that the same investors redeemed on Ethereum and subscribed on Solana, and the briefing did not identify transactions connecting the two movements.<\/p>\n <\/p>\n JPMorgan brought JPM Coin, which carries the ticker JPMD, to Ethereum for approved institutional clients on Oct. 19. As crypto.news previously reported, the bank\u2019s Ethereum deposit token launch<\/a> followed its November 2025 rollout on Base.<\/p>\n The deposit token represents U.S. dollar deposits held at JPMorgan. The launch coverage described institutional payments, securities settlement, and collateral payments as intended uses, with access restricted to approved customers despite the use of a public blockchain.<\/p>\n Sentora\u2019s subsequent review reported no issued supply or transfers in the Ethereum contract it examined. Its Base findings described an unchanged supply balance, with holdings concentrated in two addresses.<\/p>\n An unchanged supply figure does not, by itself, establish whether transfers occurred during that period. Sentora\u2019s briefing expressly reported zero transfers for Ethereum but did not provide an equivalent historical transfer count for Base.<\/p>\n The firm further said it had found no live on-chain integration between JPM Coin and the bank\u2019s money market funds or decentralized finance protocols. Its statement concerned the integrations visible in its review, without documenting every potential institutional arrangement.<\/p>\n Sentora reported that JLTXX\u2019s Ethereum deployment recorded $400 million in redemptions across Oct. 21\u201322. Over the same period, its briefing placed the Solana deployment at $450 million after starting near zero.<\/p>\n The figures describe different measures across two networks. One is a redemption total, while the other is the reported size of a deployment after its growth. They do not establish an exact dollar-for-dollar migration.<\/p>\n J.P. Morgan Asset Management announced on Oct. 22 that JLTXX and its My OnChain Net Yield Fund, known as MONY, were available to qualified U.S. investors on Solana. Investors can access the two tokenized funds<\/a> through Morgan Money, which handles subscriptions and redemptions and delivers token balances to blockchain addresses.<\/p>\n \u201cOur clients operate across more than one network, and their liquidity should too,\u201d said Paul Przybylski, the asset manager\u2019s global head of product, digital and tokenized assets.<\/p>\n The company\u2019s announcement identifies JLTXX as a U.S. registered government money market fund designed to support stablecoin issuers under the GENIUS Act. MONY is a separate private placement fund launched in December 2025. The release does not disclose assets held on Solana for either product.<\/p>\n JPMorgan\u2019s MONY FAQ lists a $1 million initial investment minimum and fees of 16 basis points. The document describes a British Virgin Islands private placement vehicle, with access subject to anti-money laundering and know-your-customer checks.<\/p>\n The FAQ says MONY invests in U.S. Treasury securities and Treasury-backed repurchase agreements, seeking a stable net asset value of $1 per share. Although its guidelines follow those applicable to government money market funds, the private vehicle is not subject to Rule 2a-7.<\/p>\n JPMorgan identifies SS&C as MONY\u2019s transfer agent and says the official shareholder records remain off-chain. Investors need their own blockchain addresses to hold tokens, while peer-to-peer transfers are restricted to clients.<\/p>\n The Oct. 22 launch announcement warns that investments in the funds are not bank accounts and are not insured by the Federal Deposit Insurance Corporation. JPMorgan says the funds seek to preserve a $1 share value but cannot guarantee it.<\/p>\n\n\n
JPM Coin\u2019s Ethereum contract shows no supply in Sentora\u2019s review<\/h2>\n
JLTXX records $400 million in Ethereum redemptions<\/h2>\n
JPMorgan\u2019s fund documents retain investor and ownership controls<\/h2>\n
BNY completes tokenized Treasury financing with Citadel Securities<\/h2>\n