Sentora Finds No JPM Coin Supply or Transfers in Reviewed Ethereum Contract

Sentora Finds No JPM Coin Supply or Transfers in Reviewed Ethereum Contract

Sentora says the Ethereum contract it reviewed showed no JPM Coin supply or transfers, despite reports that the token had launched for approved institutional clients. That’s a notable lack of visible on-chain activity, but it doesn’t prove JPMorgan’s deposit token went unused everywhere.

• Ethereum: Sentora reported zero supply, zero transfers and one allowlisted address in the contract it reviewed.
• Base: The reported balance was about $1 million across two addresses, unchanged since November 2025. The observation date was not specified.
• JLTXX: Reported Ethereum redemptions and a Solana deployment don’t show that the same funds moved between networks.
• MONY: According to details attributed to JPMorgan’s FAQ, the fund’s official shareholder records aren’t on-chain.

What Sentora found on Ethereum

Sentora reported zero JPM Coin supply and zero transfers in the Ethereum contract it reviewed, along with exactly one allowlisted address, meaning an address authorized to interact with the token. The available account doesn’t identify who controls that address or provide the contract address, block height, observation time or methodology needed to reproduce the review.

The finding is narrow: Sentora saw no supply or transfers in the contract it examined. It doesn’t establish why, or rule out activity through other contracts, private systems or arrangements outside the review.

JPM Coin, also known by the ticker JPMD, is a deposit token representing U.S. dollar deposits held at JPMorgan. It’s different from a stablecoin issued under another issuer’s promise to redeem, and it isn’t a share in a money market fund. JPMD’s reported Ethereum launch was for approved institutional clients. A public blockchain doesn’t make a bank’s permissioned product open to everyone.

The launch for approved institutional clients was reported to have taken place on Oct. 19, but the year wasn’t specified. Sentora’s report doesn’t explain why the contract it reviewed showed no activity after that announcement.

On Base, Sentora reported roughly $1 million in JPM Coin across two addresses, with the balance unchanged since November 2025. The date of the later observation wasn’t provided. An unchanged balance doesn’t, by itself, mean there were no transfers, and the report didn’t give a comparable historical transfer count for Base.

Sentora also reported no live on-chain integration between JPM Coin and JPMorgan’s money market funds or decentralized finance protocols among the integrations it reviewed. That describes what Sentora could see in its review, not every possible institutional or off-chain arrangement.

JLTXX’s network figures don’t establish a migration

Sentora reported $400 million in JLTXX redemptions on Ethereum across Oct. 21 and 22. Over the same period, it said the fund’s Solana deployment rose from near zero to $450 million. The year for those October dates wasn’t specified.

These figures describe different things. The $400 million is reported as redemptions over a period, while the $450 million is a reported deployment figure. The available account doesn’t explain exactly how Sentora calculated either measure. A deployment figure also isn’t necessarily the amount investors could immediately redeem or access.

The timing and scale may suggest that some investors redeemed on Ethereum and subscribed on Solana, but they don’t prove it. Sentora identified no transactions linking the movements, so the figures don’t establish a dollar-for-dollar transfer or show that the same investors were involved.

J.P. Morgan Asset Management announced on May 13, 2026, that JLTXX had launched on public Ethereum, with a $100 million investment from the asset manager and additional participation from Anchorage Digital. In an Oct. 22 announcement, the firm later described JLTXX and MONY as available to qualified U.S. investors on Solana. The year for that date wasn’t specified in the available account.

The manager describes JLTXX as a U.S.-registered government money market fund designed to support stablecoin issuers under the GENIUS Act. That’s the manager’s stated design objective, not evidence of regulatory endorsement or a guarantee that the fund meets every issuer’s requirements. Its May 2026 announcement says the fund invests in U.S. Treasury securities and overnight repurchase agreements fully collateralized by Treasury securities and/or cash.

J.P. Morgan Asset Management’s global head of product, digital and tokenized assets, Paul Przybylski, said:

“Our clients operate across more than one network, and their liquidity should too, ”

The ambition is clear. The mechanics are more hybrid. J.P. Morgan’s announcement says investors subscribe through Morgan Money and receive token balances at blockchain addresses. Subscriptions and redemptions may use cash or stablecoins through a third-party vendor. A token on a public network doesn’t mean every step of fund administration or redemption happens on-chain.

MONY tokens don’t put all fund operations on-chain

MONY, or My OnChain Net Yield Fund, is a separate private placement fund. Details attributed to JPMorgan’s FAQ in reporting list a $1 million initial investment minimum, fees of 16 basis points and a goal of maintaining a stable $1 net asset value per share. The FAQ is also reported to say that MONY invests in U.S. Treasury securities and Treasury-backed repurchase agreements, and isn’t subject to Rule 2a-7, the regulatory framework for U.S. money market funds.

The same reported FAQ identifies SS&C as MONY’s transfer agent, says official shareholder records remain off-chain and limits peer-to-peer transfers to clients. That distinction matters: a token may represent a fund interest without putting its legal ownership records, transfer-agent processes or redemption system on a decentralized network.

JPMorgan’s fund materials say investments aren’t bank accounts and aren’t insured by the Federal Deposit Insurance Corporation. The funds seek to maintain, but can’t guarantee, a $1 share value. A tokenized fund share is still an investment, not an insured bank deposit with a blockchain wrapper.

A separate tokenized Treasury transaction

In a separate development, BNY said Citadel Securities bought a two-year U.S. Treasury note through Tradeweb. The note was then represented by a token on BNY’s private digital ledger, where it settled within minutes. It was pledged as collateral in an overnight triparty repurchase agreement, a short-term financing arrangement in which a third party supports the transaction process.

BNY described the transaction as the first use of tokenized assets on a major triparty repo platform. That’s the bank’s characterization, and its scope depends on how “major platform” and “first use” are defined. The transaction is separate from JPM Coin, JLTXX and MONY. BNY’s tokenized Treasury triparty repo workflow is a separate example of institutions testing tokenized collateral.

Key questions and answers

• Did Sentora find JPM Coin supply or transfers on Ethereum?

  No. It reported zero supply and zero transfers in the contract it reviewed. The finding doesn’t explain the lack of activity or cover every possible JPMorgan arrangement. Reports on JPM Coin’s launch should be read separately from the unrelated promotional claims bundled alongside them.

• Does the JLTXX data prove investors moved funds from Ethereum to Solana?

  No. The reported $400 million in Ethereum redemptions and $450 million Solana deployment are different measures, and no transactions linking them were identified.

• Are MONY’s official shareholder records on-chain?

  No. According to details attributed to JPMorgan’s FAQ, those records remain off-chain and peer-to-peer transfers are restricted to clients.

• What does zero observed Ethereum activity tell us about JPM Coin’s use?

  It shows that Sentora found no supply or transfers in the contract it reviewed. It doesn’t establish whether JPM Coin was used through other contracts, private systems or off-chain arrangements. Ethereum listing and usage figures are separate questions.

Tokenization can make settlement and collateral workflows more efficient, but a launch announcement doesn’t prove broad adoption. For permissioned products, public-chain activity is only part of the picture. Without clearer reporting on contract scope, operating arrangements and actual use, outsiders can’t tell how much of the promise has moved beyond the press release.