JPMorgan's decade-long bet on blockchain: JPM Coin has only 48 transfers on Base, while its tokenized fund surpasses $800 million in two months.

JPMorgan's blockchain unit Kinexys is processing roughly $7 billion in daily settlements, with its Blockchain Deposit Account (BDA) estimated at about $3.5 billion per day—still only around 0.03% of the bank's $12 trillion in daily payments. The BDA product, used by clients such as Latin American payments firm EBANX across roughly 20 countries, enables real-time 24/7 cross-border transfers of tokenized deposits. By contrast, JPM Coin (JPMD), the bank's tokenized deposit deployed on Base and Ethereum, has recorded only 48 transfers on Base since launch, and intraday repo volumes have not been disclosed since 2022. The standout is the tokenized money market fund JLTXX, which surpassed $800 million in assets within two months of launch, likely driven by stablecoin issuers parking compliant fiat reserves. The figures show JPMorgan is building real commercial infrastructure on-chain while public-chain token activity remains nascent, and the next signal to watch is whether JPMD adoption and repo disclosures pick up as Kinexys scales.