JPM Coin's "Dual Yield" Myth: What JPMorgan Never Promised

TL;DR: JPM Coin (JPMD) is a tokenized USD deposit that can earn bank interest only while it sits in your approved JPMorgan-whitelisted wallet. Many crypto publications claimed you could earn “dual yield” — bank interest + DeFi lending/liquidity rewards at the same time. That is impossible. You cannot spend the same dollar twice. Once you transfer JPMD to a DeFi protocol or liquidity pool, it leaves your approved wallet and the bank stops paying interest. Period.

JPMorgan Chase has never made the dual-yield claim. The myth comes entirely from media hype published on launch day (Nov 12, 2025). Here are the publications that got it wrong, with direct URLs:

BeInCrypto

• https://beincrypto.com/jpmorgan-jpmd-base-network-defi/

Yahoo Finance

• https://finance.yahoo.com/news/jpmorgan-achieves-first-true-bridge-073339447.html

TradingView News

• https://www.tradingview.com/news/beincrypto:9c89cbf8d094b:0-jpmorgan-achieves-first-true-bridge-between-banks-and-defi/

BitcoinEthereumNews

• https://bitcoinethereumnews.com/tech/jpmorgan-just-crossed-the-line-between-tradfi-and-defi/

BitRss

• https://bitrss.com/jpmorgan-achieves-first-true-bridge-between-banks-and-defi-147925

CCN

• https://www.ccn.com/education/crypto/jpmorgan-jpm-coin-jpmd-deposit-token-vs-stablecoins/

CryptoNews

• https://cryptonews.com/news/jpmorgan-launches-blockchain-based-deposit-token-jpm-coin-for-institutional-transfers/

Why Dual Yield Is Impossible

1. Interest is paid on the balance in your KYC’d, JPMorgan-approved wallet — not on the token itself.
2. JPMD is a fungible ERC-20 with no serial numbers or unique IDs, so you couldn’t track unique tokens through to redemption anyway.
3. The moment you transfer it to an Aave pool, Morpho vault, Uniswap LP, or any DeFi smart contract, it is no longer in your approved wallet → bank interest stops.
4. Transfers to open DeFi contracts aren’t even allowed under the current permissioned rules; only whitelisted institutional addresses are accepted.

You get either safe bank yield (4–5 %) or DeFi yield (2–4 %), never both on the same dollar. Anyone telling you otherwise is selling a mirage.

Bottom line: JPM Coin is great for fast, programmable institutional payments. It is not a magic money-doubler. Stick to the facts, ignore the headlines. DYOR; not financial advice.