Sentora reported zero JPM Coin supply and zero transfers on Ethereum days after JPMorgan announced the deposit token's arrival. It also found no live on-chain integration with JPMorgan's funds or DeFi protocols. Separately, JLTXX recorded $400 million in Ethereum redemptions as its Solana deployment reached $450 million.
JPMorgan's JPM Coin has recorded zero supply and zero transfers on Ethereum in a contract review by research firm Sentora. The review came days after the bank announced the deposit token's arrival on the network.
Sentora said its review found exactly one allowlisted address in the verified Ethereum contract. The token's Base deployment held roughly $1 million across two addresses, unchanged since November 2025.
JPM Coin launched for approved clients on Oct. 19
JPMorgan brought JPM Coin, which carries the ticker JPMD, to Ethereum for approved institutional clients on Oct. 19. The deposit token represents U.S. dollar deposits held at JPMorgan, and launch coverage described institutional payments, securities settlement and collateral payments as intended uses.
Sentora also said it found no live on-chain integration between JPM Coin and the bank's money market funds or decentralized finance protocols. That statement covers only the integrations visible in its review, and it does not document every potential institutional arrangement.
JLTXX sees $400 million in Ethereum redemptions
Sentora's briefing reported $400 million in JLTXX redemptions on Ethereum across Oct. 21-22. Over the same period, the fund's Solana deployment rose from near zero to $450 million.
The timing does not establish that the same investors redeemed on Ethereum and subscribed on Solana. The briefing did not identify transactions connecting the two movements.
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. The company's announcement identifies JLTXX as a U.S. registered government money market fund designed to support stablecoin issuers under the GENIUS Act.
MONY keeps ownership records off-chain
JPMorgan's MONY FAQ lists a $1 million initial investment minimum and fees of 16 basis points. JPMorgan identifies SS&C as the transfer agent and says official shareholder records remain off-chain.
Investors need their own blockchain addresses to hold tokens, while peer-to-peer transfers are restricted to clients.
Source: crypto.news
Trading involves risk.
Risk Disclaimer
