JPMorgan brings its JPM Coin deposit token to Ethereum

JPMorgan Chase is expanding JPM Coin, its token for US dollar deposits, to the Ethereum blockchain so institutional clients can make payments and settle tokenized asset trades there, Bloomberg reported on Monday. Cointelegraph and The Block followed up on the report. JPMorgan is the world's largest bank by market capitalisation.

What JPM Coin is

JPM Coin is a deposit token: each unit represents a US dollar held in a deposit account at JPMorgan, rather than a reserve-backed token issued by a separate company, as with most stablecoins. Eligible clients can move funds within seconds, at any hour of the day and on any day of the week. The product sits inside Kinexys, JPMorgan's blockchain unit.

Why Ethereum

Emma Landriault, global head of Kinexys Labs, said the bank chose Ethereum because of its liquidity and because clients already use it. She described two main use cases:

• Crypto companies could use the token for on-chain payments.
• Financial institutions could use it to settle trades and post collateral.

The token lives on a public network, but access does not: only approved institutional participants can hold and transfer JPM Coin. If you are new to the network itself, our explainer what is Ethereum covers the basics.

A third public network

Ethereum is not JPMorgan's first public chain for the token. In November 2025 the bank rolled out JPM Coin on Base, Coinbase's Ethereum layer-2 network, and said more public blockchains would follow. In January it announced plans to bring the token to the Canton Network, the institution-focused chain that DTCC also picked for its tokenization service.

Why it matters

The move adds to a broader push by big banks into tokenized money and assets, which we covered in our look at how Wall Street banks are scaling tokenization. A bank-issued dollar token on Ethereum mainnet gives institutions a way to pay for tokenized bonds, funds or shares on the same network where those assets trade, without leaving the regulated banking system. JPMorgan did not immediately respond to Cointelegraph's request for further details, such as a launch date or the first clients using the token on Ethereum.