JPM Coin has zero Ethereum supply after launch, Sentora says

JPMorgan’s 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’s arrival on the network.

Sentora said its review found exactly one allowlisted address in the verified Ethereum contract, while the token’s Base deployment held roughly $1 million across two addresses, unchanged since November 2025.

The research firm’s findings cover the deposit token and separate movements in J.P. Morgan Asset Management’s tokenized liquidity fund. Its briefing reported $400 million in JLTXX redemptions on Ethereum across Oct. 21–22, alongside a rise in the fund’s Solana deployment from near zero to $450 million.

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.

JPM Coin’s Ethereum contract shows no supply in Sentora’s review

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’s Ethereum deposit token launch followed its November 2025 rollout on Base.

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.

Sentora’s 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.

An unchanged supply figure does not, by itself, establish whether transfers occurred during that period. Sentora’s briefing expressly reported zero transfers for Ethereum but did not provide an equivalent historical transfer count for Base.

The firm further said it had found no live on-chain integration between JPM Coin and the bank’s money market funds or decentralized finance protocols. Its statement concerned the integrations visible in its review, without documenting every potential institutional arrangement.

JLTXX records $400 million in Ethereum redemptions

Sentora reported that JLTXX’s Ethereum deployment recorded $400 million in redemptions across Oct. 21–22. Over the same period, its briefing placed the Solana deployment at $450 million after starting near zero.

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.

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 through Morgan Money, which handles subscriptions and redemptions and delivers token balances to blockchain addresses.

“Our clients operate across more than one network, and their liquidity should too,” said Paul Przybylski, the asset manager’s global head of product, digital and tokenized assets.

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 is a separate private placement fund launched in December 2025. The release does not disclose assets held on Solana for either product.

JPMorgan’s fund documents retain investor and ownership controls

JPMorgan’s 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.

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.

JPMorgan identifies SS&C as MONY’s 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.

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.

BNY completes tokenized Treasury financing with Citadel Securities

A separate institutional transaction involved BNY’s tokenized Treasury repo deal with Citadel Securities, announced on Oct. 13.

BNY said Citadel Securities purchased a two-year U.S. Treasury note through the bank on Tradeweb. A tokenized representation of the security settled within minutes on BNY’s private digital ledger before Citadel Securities pledged it as collateral in an overnight triparty repurchase agreement.

BNY supplied cash against the security and described the transaction as the first use of tokenized assets on a major triparty repo platform. Its announcement documented trade execution, settlement and financing within the same workflow.

The bank said it plans to introduce further digital cash and tokenized deposit services. BNY expects to expand operating hours for its traditional settlement platforms covering Fed-eligible securities and U.S. triparty transactions into European and Asian trading hours next year.