JPM Coin and USDC Follow Different Rules for Dollar Access

JPM Coin (JPMD) represents U.S. dollar deposits at JPMorgan and limits Ethereum transfers to approved institutions, while USD Coin (USDC) can move onchain without the same Circle Mint account requirement. The distinction involves both what each token represents and the rules for moving or redeeming it. JPMD represents customer deposits at JPMorgan. When the bank brought the token to Ethereum on Oct. 19, transfers were limited to institutions it approved. The bank’s approved-institution access model on Ethereum defines who can transfer JPMD on that network. USDC transfers onchain are separate from direct redemption. Receiving or transferring USDC does not by itself establish eligibility to redeem it directly for dollars. Direct dollar redemption through Circle requires a Circle Mint account.

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