JPMorgan brings JPM Coin to Ethereum for institutional clients

JPMorgan deployed JPM Coin on Ethereum mainnet on Monday and made the deposit token available to institutional clients, expanding it beyond the Base network. The bank said the token represents dollar deposits held at JPMorgan and can be used for payments, collateral and settlement of tokenized assets, CoinDesk reported.

JPM Coin is a deposit token rather than a stablecoin, according to JPMorgan's Kinexys product page. The page says it is issued on Ethereum and Base, is currently available in US dollars, and is backed by dollar deposits at the bank. Only vetted counterparties can transact with it on public blockchains, the page says. Kinexys publishes the token contracts for both networks and warns that tokens with similar names at other addresses are not affiliated with the bank.

The bank chose Ethereum because the network has more liquidity than alternatives and is already used by its institutional clients, Emma Landriault, head of Kinexys Labs at JPMorgan's blockchain division, told Bloomberg. Landriault said crypto companies could use JPM Coin for blockchain payments, while financial institutions could use it to settle trades and post collateral.

"Issuing JPM Coin first on Base and now on Ethereum is a meaningful step towards providing our institutional clients with multi-chain optionality for moving wholesale money across both the web3 and traditional finance ecosystems," Landriault said in a statement to CoinDesk.

The Ethereum deployment follows JPMorgan's November 2025 launch of JPM Coin on Base, the Ethereum layer-2 network built by Coinbase, Cointelegraph reported. In January, the bank announced plans to bring the token to the Canton Network. JPMorgan has said it intended to support additional public blockchains after the Base launch.

JPM Coin lets clients convert cash from a blockchain deposit account into the token and redeem it back to dollars. Kinexys says transfers run around the clock, with a three-hour weekend maintenance window for moving funds between traditional demand deposit accounts and blockchain deposit accounts. The product page lists cross-border payments, intraday liquidity transfers, on-chain collateral posting and programmable payment execution among its uses.

JPM Coin is designed for wholesale payments rather than retail transactions. Kinexys lists corporates, financial institutions and payment service providers as its main users. The bank says clients can redeem the token for cash at any time without a lock-up period.

Kinexys says it has processed more than $3 trillion in transactions since inception and handles more than $7 billion a day, a small share of JPMorgan's roughly $12 trillion in daily payments. The platform says it has spent more than a decade building institutional blockchain products. Almost $50 billion of crypto assets are locked in Ethereum-based applications, according to DeFiLlama data cited by CoinDesk.

JPMorgan is not the only large bank moving tokenized deposits onto shared or public infrastructure. CoinDesk reported that JPMorgan, Citi, Bank of America and Wells Fargo are among more than a dozen banks planning a shared network for tokenized deposits. JPMorgan is also among more than 30 banks helping Swift define the features and governance of its blockchain-based ledger, though the bank was not among the 17 institutions Swift named in July for live pilot transactions.

The Ethereum version remains restricted to approved institutional participants. Kinexys says transactions are recorded on a public ledger with full traceability, but only vetted counterparties can participate, and the token operates within JPMorgan's existing compliance and risk framework. The bank says JPM Coin is not a cryptocurrency and that customer funds stay inside its regulated banking infrastructure.

JPMorgan's statement did not disclose fees for the Ethereum version, the number of clients using it, or transaction limits. The Kinexys page says client access is subject to final approval by JPMorgan Chase Bank and that the service may not be available in every region.

The token's expansion gives JPMorgan a second public blockchain for dollar settlement while keeping participation permissioned. Base remains available, and the bank has said it plans to add Canton. JPMorgan has not said when the Canton deployment will go live.